04-23-2021, 03:29 PM
$260 billion wiped off crytpocurrency market in 24 hours as bitcoin plunges below $50,000
![[Image: 106827937-1611246914516-gettyimages-1230...=740&h=416]](https://image.cnbcfm.com/api/v1/image/106827937-1611246914516-gettyimages-1230608673-Adasjan21j.jpg?v=1611246935&w=740&h=416)
- Bitcoin and other digital coins plunged on Friday wiping over $260 billion of the value of the cryptocurrency market.
- “The market has run up quite a bit overall, and it’s probably cooling off before the next leg up,” Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said.
- Cryptocurrencies are known for their wild price swings.
At around 14:06 p.m. Beijing time, bitcoin was down nearly 10% in the last 24 hours at $49,281.40, according to CoinDesk data. Ethereum fell to $2,202.05, down more than 11%. XRP, the fifth-biggest cryptocurrency plunged over 22%, according to price tracking site CoinMarketCap.
This wiped out around $260 billion of value from the entire cryptocurrency market.
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