Bitcoin falls to $26,000 as Crypto selloff picks up pace

Bitcoin and other Cryptocurrencies have been hit by a steep stock selloff on Thursday, May 12, with Ethereum, the second biggest digital coin, losing more than 20 per cent in 24 hours.

Bitcoin plunged to its lowest level since December 2020 as a cryptocurrency selloff increased on Thursday, The Wall Street Journal reported.

The world’s largest cryptocurrency by market value traded at $26,007.55, down 8.2 per cent from its 9pm (GMT) level on Wednesday, according to CoinDesk.

Bitcoin had fallen for the last seven consecutive days which is its longest losing streak since March 2020, according to Dow Jones Market Data.

Ethereum was hardest hit among the major cryptocurrencies. Its price dropped below the $2,000 mark
to trade at $1,825.27 on Thursday—its lowest level since July 2021.

Cryptocurrencies have come under pressure in recent days alongside stock markets.

Smaller coins have suffered even more dramatic drops in price. Part of the current panic in crypto markets is the result of the collosal crash of the Terra (LUNA) cryptocurrency, The Independent reported.

LUNA investors have told how they have lost their funds after the coin – which had ranked among the top 10 cryptocurrencies – fell 98 per cent in the space of 24 hours.

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.