CRYPTOCURRENCY

$200 billion wiped off cryptocurrency market in 24 hours as bitcoin pulls back

Bitcoin and other digital coins tanked on Monday, wiping off some $200 billion from the entire cryptocurrency market.

Bitcoin, the largest cryptocurrency, fell around 12% from a day earlier to $32,576.

The sell-off in cryptocurrencies comes after a huge rally and perhaps signals some profit-taking from investors.
GUANGZHOU, China — Bitcoin and other digital coins tanked on Monday, wiping some $200 billion off the cryptocurrency market.

The market capitalization or value of the cryptocurrency market was $880 billion at 9:20 a.m. ET, down from $1.08 trillion a day earlier, according to Coinmarketcap.

Bitcoin, the largest cryptocurrency, fell over 12% from a day earlier to $32,576, according to Coin Metrics data. It earlier sank to an intraday low of $30,863. Ether, the second-largest cryptocurrency, was down 23% to $1,005. It briefly tumbled below $1,000, hitting an intraday low of $945.The sell-off in cryptocurrencies comes after a huge rally and perhaps signals some profit-taking from investors. Bitcoin is still up over 300% in the last 12 months and last week hit an all-time high just below $42,000.