homecryptocurrency NewsBitcoin falls to 16 month low, drops below $27,000 level
cryptocurrency | May 12, 2022 11:45 AM IST

Bitcoin falls to 16-month low, drops below $27,000 level

Mini

The world's largest cryptocurrency dropped as low as $26,970, to stand at its lowest since December 28, 2020. In the last eight sessions, it has lost a third of its value, or $13,000. Bitcoin surged in 2021 to reach its all-time high of $69,000 that November.

Bitcoin fell to its lowest in 16 months on Thursday, leading a rush out of risk assets such as tech stocks, while the collapse of TerraUSD, a so-called stablecoin, underscored the strain on cryptocurrency markets.

Recommended Articles

View All

The world's largest cryptocurrency dropped as low as $26,970, to stand at its lowest since December 28, 2020. In the last eight sessions, it has lost a third of its value, or $13,000. Bitcoin surged in 2021 to reach its all-time high of $69,000 that November.
Traders say its recent decline mirrors tumbles in tech stocks, as the Nasdaq has lost 6.4 percent this week. Another factor at play is the spectacular collapse of TerraUSD, once the world's third-largest stablecoin, which broke its dollar peg this week to fall as low as 30 US cents, causing ructions in the crypto industry.
Market players are still weighing the fallout of its collapse to identify if any major companies or investors have been badly hurt, as a possible clue to wider contagion.
Ether, the world's second-largest cryptocurrency, tumbled more than 10 percent on Thursday to stand as low as $1,833, its lowest since July 2021.
(With inputs from Reuters)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng