Bitcoin, ethereum plunge; crypto market cap losses nearly $1 trillion

Bitcoin, ethereum plunge; crypto market cap losses nearly $1 trillion - Copyright (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html

By Reuters

Published on 19/05/2021 - 16:45•Updated 16/04/2024 - 16:47

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NEW YORK (Reuters) - Bitcoin and ethereum posted their largest one-day drop since March last year on Wednesday, with losses in the market capitalization for the entire cryptocurrency sector approaching $1 trillion.

The sharp declines came after China banned financial and payment institutions from providing cryptocurrency services.

Bitcoin dropped to $30,066, the lowest since late January. It was last down 22% at $33,502. The most popular cryptocurrency posted its largest one-day loss since March 2020.

Ethereum fell to as low as $1,850, its weakest level since late January as well. It was last down 28% at $2,439. Ethereum's one-day losses were the biggest since March last year.

(Reporting by Gertrude Chavez-Dreyfuss)

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