Bitcoin sank below the $8,000 level for the first time since January.
Cryptocurrencies were not immune from the massive selloff late Sunday, losing nearly $21 billion in market capitalization as oil prices plunged and global markets sank.
The total value of the world’s cryptocurrencies was about $251.5 billion as of Saturday night, according to CoinMarketCap.com. Twenty-four hours later it was down to $230.8 billion. While Sunday’s moves were sharp, crypto prices have been falling over the past month, as coronavirus fears have rattled global markets.
Cryptos weren’t alone in having a miserable Sunday: crude oil prices CLJ20, -31.83% plunged 30% as a price war between Saudi Arabia and Russia appeared to break out, and Dow Jones Industrial Average YM00, -4.73% and S&P 500 futures ES00, -4.89% sank.The price of bitcoin BTCUSD, -5.21% , the world’s largest cryptocurrency by market cap, was down 3.1% on Sunday night, to $7,984 — and down more than 8% in the previous 24 hours, according to CoinMarketCap.com.
On Feb. 9, bitcoin passed the $10,000 mark for the first time since September, leading some to speculate that another run to huge gains could be in store. That has not happened, and bitcoin’s price is now lingering around where it was in early January, below the $8,000 level.
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