Cryptocurrency Market Loses Over $200 Billion in One Day

(Bloomberg) — The sell-off affecting cryptocurrencies wiped more than $200 billion off the market in just 24 hours, according to estimates from price-tracking website CoinMarketCap.

The widespread decline in the cryptocurrency complex, fueled by the collapse of the TerraUSD stablecoin, hit major tokens hard. Bitcoin fell 10% in the last day and hit its lowest level since December 2020, while Ethereum lost 16%.

The carnage showed signs of continuing to spread on Thursday, as crypto-related stocks in Asia also tumbled. Hong Kong-listed fintech firm BC Technology Group Ltd. closed down 6.7%. Japan’s Monex Group Inc., which owns markets TradeStation and Coincheck, also ended the day down 10%.

As central banks around the world aggressively tighten monetary policy to combat inflation, digital tokens have faced selling pressure amid a broader flight from risk assets. S&P 500 futures fell 0.8% on Thursday, tracking losses in the benchmark MSCI Asia Pacific index.

Investors in the cryptocurrency sector are no strangers to wild market swings. Bitcoin and Ethereum quickly pared losses to trade down 4.2% and 9%, respectively, as of 4:45pm Hong Kong time.

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More Than $200 Billion Wiped Off Cryptocurrency Market in a Day

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