Cryptocurrencies
Bitcoin, Ether Bounce Off Lows After Record-Breaking Rout
- Largest cryptocurrency tumbles below previous cycle’s highs
- Cryptocurrencies have lost over $2 trillion in market value
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Bitcoin plunged through several closely watched price levels to the lowest since late 2020 as evidence of deepening stress within the crypto industry keeps piling up against a backdrop of monetary tightening.
The largest digital token by market value tumbled as much as 15% to $17,599 on Saturday, marking a record-breaking 12th consecutive daily decline according to Bloomberg data. It’s still only the biggest drop since Monday. The currency recovered some of those losses and was trading at $19,075 as of 8:30 a.m. in Singapore Sunday.