Bitcoin falls below $60,000 in a $400 billion crypto price crash, while Ethereum, BNB, Solana, Cardano, and XRP also plummet
Bitcoin and cryptocurrency values have plummeted in the previous 24 hours, with the bitcoin price plummeting below $60,000.
Other prominent cryptocurrencies have also suffered losses, with ethereum, Binance’s BNB, solana, cardano, and Ripple’s XRP all losing between 7% and 10% of their value.
The unexpected crypto price drop has depleted the total crypto market by roughly $400 billion, after it reached a record high of around $3 trillion last week.
The dramatic drop in cryptocurrency prices follows bitcoin’s first big update in four years over the weekend. In the run-up to the long-awaited update, the bitcoin price has risen, coming within striking reach of $70,000 per bitcoin for the first time last week.
Last week, Ethereum, the second most popular cryptocurrency behind bitcoin, reached an all-time high of over $5,000 per ether. The price of ethereum has now decreased to roughly $4,100.
Most major cryptocurrencies, including Bitcoin, Ethereum, and others, have risen this year, with several seeing triple-digit percentage gains. Since the beginning of 2021, the price of bitcoin has doubled, while the price of ethereum has increased by nearly 400%.
However, the current crypto price drop hasn’t deterred some investors, who believe bitcoin, ethereum, and other cryptocurrencies will continue to rise through the end of the year.