World’s largest cryptocurrency bitcoin crashed over 11% today. On Coinmarketcap, the price of bitcoin tumbled 11.64% to $46,434. The market cap of the cryptocurrency reached $877.265 billion. Currently, the global crypto market cap stands at $2.08 trillion, 12.19% lower over the last day.
The virtual coin market was painted in red on Wednesday after cryptocurrency prices plunged a day ago due to delays in trading. The delay was observed after El Salvador ran into snags after becoming the first country to officially adopt Bitcoin, the world’s most popular cryptocurrency, as legal tender.
Shares of blockchain-related firms also fell after trading was impacted by outages. However, the major reason behind the fall in cryptocurrency valuations was the El Salvador government’s move to temporarily unplug a digital wallet to cope with demand.
Bitcoin was trading at $45,474.51, down over 13.48 per cent compared to its value 24 hours at 12:00 pm. The cryptocurrency’s market capitalisation fell sharply to $855 billion and the trading volume over the past 24 hours rose to 3.19 billion. The jump in trading volume was primarily due to a heavy sell-off.
Other cryptocurrencies were trading in the red today. Ethereum fell 12.06% to $3,449 and Dogecoin crashed 16.41% to $0.2551.
Digital token Stellar slipped 19.71% to $0.3326 and XRP was down 19.40% to $1.10. Litecoin fell 17.67% to $180.89 and Uniswap was down 16.86% to $23.78.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood.
In late July, Elon Musk said Tesla was “most likely” to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level. The electric carmaker said in May that it would no longer accept the it for purchases.