US$200 Billion Lost in Cryptocurrency Market in 24 hours after Bitcoin value Plunges by 22%
More than US$200 billion was wiped off the value of the global cryptocurrency market after bitcoin’s value fell by more than 20 percent in just 4 hours which set off an alarm in Wall Street. The Bitcoin price surged to a new all-time high of nearly US$42,000 on Friday with the total worth of US$1.07 trillion. While on Monday, the bitcoin value has plunged by 22% which make it worth US$880 million.
Last week The Bank of America had warned that the rapidly rising price of bitcoin may be the mother of all bubbles after comparing it to the tech boom in late 1990s. Bitcoin first surpassed the $20,000 level in mid-December and soared above $30,000 earlier this month; a huge rebound from a low of just above $4,000 as the Covid-19 outbreak sent global financial assets plummeting last spring.
