Some altcoins see 20% decline in single day
Bitcoin saw its price plummet Thursday nearly 8% while the cryptocurrency market lost around $220 billion in 12 hours, as investors leave risky assets amid Russia starting a military incursion into Ukraine.
Despite bouncing back Wednesday to recover slightly from an 18% loss, Bitcoin dove Thursday with heightened geopolitical risks.
The world’s largest cryptocurrency by market capitalization, sank to $34,350, its lowest since Jan. 24.
It marked as much as a 7.7% decline after it closed the previous day at $37,213. The price of Bitcoin was trading at $35,364 at 1423 GMT.
Ethereum, the world’s biggest altcoin by market value, dove to below $2,303 a 10.7% decline after closing Wednesday at $2,578. It was trading at $2,381 at the time.
Some altcoins saw as much as a 20% decline in half a day.
The cryptocurrency market’s total value plummeted to $1.55 trillion around 0550 GMT Thursday, according to data by digital asset price-tracking website CoinMarketCap.
Almost $220 billion evaporated in 12 hours, as the total value of the crypto market stood at more than $1.76 trillion 1730 GMT Wednesday.