A crypto crash wiped out $1 trillion this week. Here's what happened
CNN
Wild, stomach-churning moments are part of the experience when you buy a ticket to the crypto circus. But the past week's volatility was enough to make some of the crypto faithful wonder whether they've been bamboozled.
On Wednesday, a broad crypto crash wiped out about $1 trillion in market value — a staggering drop from $2.5 trillion just a week ago. Bitcoin, which accounts for more than 40% of the global crypto market, nosedived 30% to $30,000 on Wednesday, its lowest point since January. By Friday, bitcoin had rebounded slightly, to around $37,000 — bruised by continued regulatory concerns, and far off its all time high above $64,000 that it hit a month ago.
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