Bitcoin plummets by the most since March as a stronger dollar and investor nerves strip off nearly $140 billion in cryptocurrency market cap – Business Insider


Photo illustration of visual representations of digital cryptocurrencies
A photo illustration of cryptocurrency tokens.

  • Bitcoin slid as much as 21% over Sunday and Monday, its biggest two-day decline since March, under pressure from investor risk aversion that also undermined equities while the dollar rallied.
  • The possibility of a second impeachment for President Donald Trump encouraged safe-haven flows into the dollar, which rose to two-week highs.
  • Bitcoin is still up roughly 89% over the past month.
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Cryptocurrencies tumbled on Monday, wiping off nearly $140 billion in total market cap, as traders took profits on the spectacular rally so far this month in light of a stronger dollar and growing political uncertainty.

Investors will be keeping a close eye on a possible impeachment of President Donald Trump and a surge in COVID-19 cases in Asia.

Bitcoin plunged as much as 21% over Sunday and Monday, its biggest two-day decline since March, though the cryptocurrency is still up roughly 89% on a trailing one-month basis. Ethereum fell 12%. The smaller coins XRP and Litecoin shed about 18% each.

The fall in cryptocurrencies on Monday wiped nearly $140 billion off the entire market. Last week, the overall cryptocurrency market rose above $1 trillion for the first time.

Bitcoin last week
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