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Crypto Crash Intensifies As Losses Eclipse $1.3 Trillion Just Two Weeks After Market’s All-Time High

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Topline

The cryptocurrency market’s massive crash worsened Sunday as a wave of crackdown measures in China continues to rattle investor sentiment, pushing losses to more than $1.3 trillion since a market peak on May 12, the day billionaire Elon Musk announced on Twitter that Tesla would no longer invest in or sell bitcoin due to its hefty environmental cost. 

Key Facts

The market value of the world’s cryptocurrencies plunged another $300 billion Sunday morning, hitting a new post-peak low of $1.2 trillion by 12:30 p.m. EDT after plummeting to about $1.4 trillion early Wednesday.

Save for a handful of stablecoins (whose prices are pegged to a specific fiat value), there wasn’t a single cryptocurrency among the top 100 by market capitalization that hadn’t fallen in the past 24 hours.

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