Bitcoin and crypto markets take their biggest plunge since March 2020

Bitcoin and the cryptocurrency market as a whole is down massively from its all-time high just a month ago. Bitcoin slid more than 20% today and is down more than 40% over the last 7 days. The cryptocurrency market cap as a whole slid over $1 trillion since last week.

It’s not clear what triggered such a massive selloff. Some attribute it to recent reports about China cracking down on Bitcoin (again), while others blame Elon Musk’s green energy antics last week.

As the markets crashed, almost every centralized exchange also went down. Coinbase, Binance, Gemini, and even interest-earning lending platforms like BlockFi all experienced significant downtime on Wednesday.

The last time Bitcoin slid this much was in the market panic in the wake of the coronavirus crisis in March 2020. At the time, it got as low as $3,500 on some exchanges before quickly bouncing back to the $6,000 range. In the time since, Bitcoin surged to over $60,000.

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