Bitcoin (BTC) price plunges, but bottom could be near

Bitcoin (BTC) price plunges, but bottom could be near

Bitcoin plunges 30% to $30,000 at one point in wild session, recovers somewhat to $38,000 Bitcoin plunged 30% to near $30,000 at one point on Wednesday, continuing a major sell-off in the cryptocurrency markets that began a week ago. The digital currency hit as low as $30,001.51 as the selling intensified Wednesday before paring some of those losses. The cryptocurrency hasn’t traded at those levels since late January. Bitcoin rebounded as the day went on, was down 12% to about $38,205.49 shortly after 3 p.m. ET. At its intraday low, the cryptocurrency’s loss for the past week was more than 40%. Other cryptocurrencies also plunged on Wednesday. Ether, the digital currency that powers the Ethereum blockchain, was down more than 22% at $2,620.97, according to Coin Metrics. Dogecoin, a cryptocurrency that started as a joke and has been talked up by Tesla CEO Elon Musk, fell 25% to less than 36 cents. Both had substantially larger losses earlier in the session. Negative news over the past week has dampened sentiment for bitcoin. Musk’s comments caused over $300 billion to be wiped off the entire cryptocurrency market that day. Bitcoin is still up over 30% year-to-date and around 300% in the last 12 months.

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