Breaking News - $260 billion wiped off crytpo market in 24 hours as bitcoin plunges below $50,000

Bitcoin and other digital coins plunged on Friday wiping over $260 billion off the value of the cryptocurrency market.

At around 14:06 p.m. Beijing time, bitcoin was down nearly 10% in the last 24 hours at $49,281.40, according to CoinDesk data. Ethereum fell to $2,202.05, down more than 11%. XRP, the fifth-biggest cryptocurrency plunged over 22%, according to price tracking site CoinMarketCap.

This wiped out around $260 billion of value from the entire cryptocurrency market.

It was unclear what triggered the sell-off though cryptocurrencies are known for their wild price swings.

“The market has run up quite a bit overall, and its probably cooling off before the next leg up,” Vijay Ayyar, head of business development at cryptocurrency exchange Luno told.

“There has also been a wider stock market dip, which might be affecting all risk-on assets,” Ayyar added.

This year alone, bitcoin has risen 71% and ethereum has rallied 200%.

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