Rout wipes $800bn from crypto market as bitcoin slump deepens

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The story "Rout wipes $800bn from crypto market as bitcoin slump deepens" was covered 13 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 13h ago

Rout wipes $800bn from crypto market as bitcoin slump deepens - Financial Times

Quick Summary:

The token’s price has plunged 83 per cent from a brief high, and Trump faced widespread backlash over its launch.

Michael Dempsey, managing partner at venture capital firm Compound, said Trump “dumped memecoins”, paving the way for other politicians to follow suit “and effectively destroyed the market for a few months — at least”.

The nominal value of the crypto industry has fallen $810bn from its high in January, according to CoinMarketCap data.