As investors cashed out following its December surge, bitcoin plummeted on Monday.
After a significant decline on Sunday night that saw the price of the cryptocurrency plummet as low as $40,300, the price of the asset has now dropped by more than 7% to $40,887.81, according to Coinbase. Over the course of the weekend, Bitcoin fluctuated slightly below its peak of $44,000 from last week.
On Monday, ether dropped 7% to $2,202.92. In addition, Solana’s SOL coin dropped 7%, and Ripple’s XRP dropped by almost 8%. Bitcoin and ether are expected to have their worst days since August 18 and March 9, respectively, according to Coin Metrics.
Cryptocurrency stock prices also declined. MicroStrategy saw a 7% decline, while Coinbase fell by roughly 5%. Bitcoin miners saw double-digit declines, with the biggest mining equities, Riot Platforms and Marathon Digital, falling by 11% and 12%, respectively. Favourites on Wall Street, CleanSpark and Iris Energy, had declines of about 15% and 14%, respectively.
Source (CNBC)
