cryptocurrency
Bulletins

The crypto crash has wiped out more than $1 trillion

The price of bitcoin slipped below $36,000, down from more than $67,000 in early November.

A crypto coin covered in black crystals

Crypto p

Photo: Executium/Unsplash

The crash in cryptocurrency prices, which accelerated Friday into a rout, has wiped out more than $1 trillion in market value since early November. More than $200 billion was lost in just the last 24 hours, according to CoinMarketCap.

The total market value of all cryptocurrencies has slipped to around $1.7 trillion, down from nearly $3 trillion in early November. Bitcoin prices plunged from around $41,000 Thursday afternoon Pacific time to below $36,000 by Friday, shedding nearly half its value since early November when it topped more than $67,000.

Shares of companies with heavy exposure to crypto also tanked on Friday. Coinbase fell about 13% in regular trading, and continued to drop after-hours. Robinhood sank more than 5%.

Benjamin Pimentel

Benjamin Pimentel ( @benpimentel) covers crypto and fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at bpimentel@protocol.com or via Google Voice at (925) 307-9342.

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