Bitcoin plunges as crypto market loses collective $367 billion

Watch Bitcoin plunges as crypto market loses collective $367 billion - The Street on Dailymotion

Transcript

00:00I'm Conway Higgins reporting from the New York Stock Exchange.

00:02Here's what we're watching on the street today.

00:04The Wall Street recalibration extends into a new week.

00:07In a very rare feat, the Dow dropped over 1,000 points

00:12right at Monday's open.

00:13Investors fear a recession is right around the corner

00:16as slowdowns in hiring and in manufacturing activity

00:19extend into another month.

00:21New data from the services sector

00:23is mitigating some of that fear.

00:25The Institute for Supply Management's

00:27non-manufacturing index for July

00:29came in at a better than expected 51.4,

00:33which means the massive services sector

00:35returned to growth last month.

00:37In related news, crypto has not been

00:39immune from a swift downward shift in investor psychology.

00:44$367 billion in crypto market value

00:47has been wiped out in just 24 hours.

00:50Half a trillion dollars disappeared

00:52over the past three days.

00:53The selloff has been most pronounced for Bitcoin.

00:57The digital currency has slid from $70,000 to $50,000

01:01in just a matter of days.

01:03Bitcoin has shed over 1 third of its value

01:06since hitting a record high in March,

01:08though it is still up for the year.

01:10Ether, on the other hand, has seen all of its gains

01:13evaporate for 2024.

01:15Losses in the crypto market may have caught investors off guard.

01:19Since its inception, crypto has been

01:21billed as a so-called safe haven,

01:23a place to hide during times of market uncertainty and upheaval.

01:27That, however, has not been the case.

01:30Making matters possibly worse, hundreds of millions of dollars

01:34have recently been invested in crypto

01:36by way of new Bitcoin and Ether ETFs,

01:39creating the landscape for the possibility for even more

01:42selling to come.

01:44That'll do it for your daily briefing from the New York

01:46Stock Exchange.

01:47I'm Conway Gittens with The Street.

01:53Thanks for watching.