Crypto wipes out over half a trillion dollars. The air is leaking out of the crypto complex, highlighted by declines in popular trades, including bitcoin, dogecoin and crypto platform Coinbase Global on Monday.
At last check, bitcoin BTCUSD, 0.40% was changing hands at $43,047.15 on CoinDesk, off nearly 9% and down around 30% from its mid-April peak near $65,000. Dogecoin DOGEUSD, -0.36%, the popular meme stock created in 2013, was trading at 48 cents, or off over 5%, and down more than 36% from its peak near 75 cents put in last Saturday as crypto champion and Tesla Inc. TSLA, -3.93% CEO Elon Musk appeared on NBC sketch-comedy show “Saturday Night Live.”
The broad-base crypto declines have wiped out over $500 billion from crypto to a market value of $2.02 trillion from a peak last week of about $2.546 trillion, according to CoinMarketCap.com.
It has been a tough seven-day stretch for crypto, with dogecoin holding up better than most of its peers.
Bitcoin and Ether ETHUSD, 0.40% on the Ethereum blockchain were down by over 20% over the past week. A popular derivative of bitcoin, litecoin LTCUSD, -0.69%, founded by Charlie Lee, was down over 30%.
Meanwhile, Coinbase shares were slumping 5.5% as the digital-asset platform, which tends to move in step with the broader crypto market, headed sharply lower.
Crypto like dogecoin and bitcoin have enjoyed strong gains compared against traditional assets in the year to date. Dogecoin is up over 10,000% and bitcoin has gained 50% so far in 2021.
By comparison, gold futures GC00, 1.59% are down 1.5% year to date. The Dow Jones Industrial Average DJIA, -0.21% is up nearly 12%, the S&P 500 index SPX, -0.40% has risen by more than 10% and the Nasdaq Composite Index COMP, -0.72% has climbed over 3% in the same period.
Bitcoin, dogecoin lead wipeout of over half a trillion dollars in manic Monday for crypto - MarketWatch
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