(Bloomberg) — Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as a selloff led by Bitcoin accelerated.
Total crypto market value has slumped by $467.6 billion since Jan. 29, according to CoinGecko data. Bitcoin on Tuesday tumbled to its lowest level since US President Donald Trump won re-election in early November 2024 and ushered in a more crypto-friendly administration.
The original cryptocurrency, which hit a 15-month low of $72,877 in the US, regained some ground Wednesday and was trading at around $74,800 as of 10:13 a.m. in New York.
Despite a pro-crypto White House and surging institutional adoption, Bitcoin has plummeted about 40% since rocketing to a record in early October. The rout follows a crippling series of liquidations on Oct. 10 that wiped out $19 billion in leveraged token bets, from which the broader crypto market has yet to recover.
“Although there has been some rebound since the start of Wednesday, the sequence of lower local highs and lows indicates that selling on the rise prevails in the markets,” Alex Kuptsikevich, FxPro chief market analyst, said in a note.