More than $1tn has been wiped from the cryptocurrency market in the past six weeks as concerns about lofty tech valuations and the path of US interest rates have fuelled a sell-off in speculative assets.
The total market value of more than 18,000 coins tracked by data provider CoinGecko has tumbled 25 per cent since a market peak on October 6, wiping about $1.2tn from their combined capitalisation.
The price of bitcoin has dropped more than 28 per cent over the same period to $89,500, leaving the world’s biggest cryptocurrency trading at its lowest level since April and flat for the year.
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