Bitcoin plummets, driving US$2 trillion tumble in crypto market value
NEW YORK/SINGAPORE/LONDON: Bitcoin plunged on Thursday (Feb 5), its decline accelerating amid weakening risk sentiment driven in part by volatility in precious metals and a broad selloff in tech shares.
The world’s largest cryptocurrency fell to a low of US$63,295.74, its weakest level since October 2024, a month before Republican Donald Trump won the US presidential election, having signalled his intention to support crypto on the campaign trail. It was last down 12.6 per cent at US$63,525, on track for its largest one-day fall since November 2022.
Roughly US$1 billion in bitcoin positions have been liquidated in the past 24 hours, according to data from CoinGlass.
All told, the global crypto market has lost US$2 trillion in value since…
