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China Crypto Ban Triggers Crash, Wiping Out Almost $1 Trillion In Cryptocurrency Market Cap

Btgbtg via Getty Images

By Ian Haworth

The cryptocurrency market crashed Wednesday, with the market cap losing nearly $1 trillion.

Popular cryptocurrencies Bitcoin and Ethereum “posted their largest one-day drop since March last year,” according to Reuters, “with losses in the market capitalization for the entire cryptocurrency sector approaching $1 trillion.”

Despite being priced at over $58,000 earlier this month, Bitcoin plunged to just under $32,000 on Wednesday morning, with a 24-hour low of $30,201.96, according to Coindesk.

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