Bitcoin price news – live: Bitcoin stabilises after crash that wiped out nearly 20% of its value
The price of bitcoin has settled at around $49,000 on Monday after a major crash wiped out nearly 20 per cent of its value on Saturday.
After trading close to $56,000 on Friday, the cryptocurrency crash took away more than 17 per cent of Bitcoin’s value.
The cryptocurrency has since slightly recovered and is currently priced at about $49,000.
Other cryptocurrencies, including Ethereum (ETH), Cardano (ADA) and Solana (SOL) have also recovered marginally over the weekend, and are showing signs of stabilising in the last 24 hours.
Meme coins dogecoin and Shiba Inu also plunged in value by nearly 20 per cent, but have since stabilised around a new mark.
The overall crypto market has plunged from a value of about $2.59 trillion on Friday to about $2.26 trillion amid the spread of the new coronavirus variant, which has also shaken traditional financial markets.
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