$130 Billion USD Was Wiped From the Crypto Market As Coins Dip
Prices recovered later in the day.
Bitcoin and other major cryptocurrencies dipped to new lows early on Monday, wiping $130 billion USD from the overall crypto market over a 24-hour period, according to CNBC.
According to Coinbase, Bitcoin dropped to $32,933 USD just before 8 a.m. ET on Monday, while Ethereum dipped to $2,159 USD during early trading hours — their lowest prices since July. Both coins rebounded later in the day.
CNBC said that cryptocurrency prices have moved alongside traditional stocks, which have continued to fall since the beginning of the year. The Wall Street Journal attributed the decline to a broader market selloff of riskier assets.
Bitcoin, Ethereum and other popular also saw steep declines on Friday, with prices hitting lows not seen in months.
In other news, New York City Mayor Eric Adams received his first paycheck in cryptocurrency.
