Crypto Rout Deepens As Nearly US$500 Billion Evaporates
The cryptocurrency market extended its selloff on Feb 4, with Bitcoin and Ethereum under pressure as investors retreated from risk assets amid heightened global uncertainty.
Almost US$470 billion has been wiped off the total crypto market capitalisation in less than a week, Bloomberg reported.
Meanwhile, according to CoinGecko data, total market value has fallen by US$467.6 billion since Jan 29, as a downturn led by Bitcoin gathered pace.
Bitcoin tumbled to its lowest level since US President Donald Trump won re-election in early November 2024, marking a sharp reversal after optimism over a more crypto-friendly US administration.
The world’s largest cryptocurrency hit an intraday low of US$72,877 before recovering some…
