Two-day bitcoin sell-off wipes out over $100 billion from the entire crypto market.


 

Bitcoin slumped for a third day, taking the digital currency’s losses to more than 10% over 72 hours and wiping off billions of dollars from the crypto market.


The price of bitcoin slipped 10% in two days to fall below the $32,000 level for the first time since Jan. 11.

The total market value of all cryptocurrencies shed more than $100 billion in the last 48 hours.
The plunge comes after U.S. Treasury Secretary Janet Yellen warned about the illicit use of cryptocurrencies.

The price of bitcoin slipped 8% on Thursday to as low as $31,007, falling below the $32,000 level for the first time since Jan. 11, according to data from industry website CoinDesk.

The world’s most valuable digital coin has had a wild few weeks, briefly hitting $41,940 earlier this month before sinking sharply the subsequent week. The reason for its latest move wasn’t immediately clear, but investors believes it is likely a natural correction.

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