Summary
Bitcoin and other major cryptocurrencies experienced a sharp drop in value, with Bitcoin falling to $50,700 and ether dropping to under $2890 before rebounding slightly. Polygon’s MATIC suffered the biggest losses, down 7%, while Cardano’s ADA and XRP were down 5%. The CoinDesk 20 Index also dropped by 1.2%.
Key Points
1. Bitcoin fell to as low as $50,700 late Wednesday, while ether dropped just under $2890 before reversing some losses.
2. Polygon’s MATIC led losses among crypto majors, slipping 7%, while Cardano’s ADA and XRP were down as much as 5%.
3. The CoinDesk 20 Index (CD20), a benchmark for the biggest and most liquid cryptocurrencies, dropped 1.2%.