Bitcoin snaps five-day winning streak as volatility accelerates
The overall cryptocurrency market is now worth $457 billion, down about $55 billion from a day ago, according to Coinmarketcap.com.
By Lily Katz
Bitcoin holders may have gotten a brief reprieve earlier this month after a rough January, but it didn’t last long.
The top digital coin fell as much as 12 per cent Wednesday, whipsawing investors who were just starting to take a deep breath after last month’s market rout. Other tokens have also suffered declines in the past 24 hours. The overall cryptocurrency market is now worth $457 billion, down about $55 billion from a day ago, according to Coinmarketcap.com.
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Venezuela’s new digital currency, Petro, has drawn criticism from the crypto community this week, possibly prompting doubts about the likelihood of digital coins going mainstream.
Petro is "a stunt" and not a cryptocurrency, Placeholder Ventures’ Chris Burniske, who authored the book "Cryptoassets," said in a Bloomberg Radio interview.
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