The cryptocurrency market experienced a significant downturn Sunday and Monday (Aug. 4-5), resulting in a loss of approximately $367 billion in value over a 24-hour period.
This plunge was primarily driven by substantial drops in the prices of bitcoin and ether, the two largest cryptocurrencies, CNBCÂ reported Monday.
The decline in the crypto market coincided with a broader slide in equities across Asia-Pacific markets and the Nasdaq’s worst three-week stretch in two years, according to the report.
The crypto market’s sharp decline was driven by investors selling off risky assets, the report said. Bitcoin, the world’s largest cryptocurrency, experienced a 15% drop in 24 hours, reaching its lowest level since February. Ether, the native token of the Ethereum blockchain, plummeted by 22%, erasing its gains for the year.
Other cryptocurrencies, such as Binance’s BNB token and solana, also experienced…
