Did a crypto crash wipe out $1 trillion in market value?

On Wednesday, a broad crypto crash wiped out about $1 trillion in market value — a staggering drop from $2.5 trillion just a week ago. Bitcoin, which accounts for more than 40% of the global crypto market, nosedived 30% to $30,000 on Wednesday, its lowest point since January.

What would a crypto crash mean for the US economy?

Crypto crash: What would it mean for the U.S. economy? The crypto market has shed almost $2 trillion in value, triggering some concern it could hurt the larger economy. Experts aren't too worried ... yet.

How many bitcoin flash crashes in 2021?

Over the course of 2021, bitcoin's price experienced no less than six flash crashes. A cryptocurrency “flash crash” is a market event in which many holders of a particular crypto asset suddenly decide to sell, overwhelming buyers and forcing the price to fall sharply within a very short time period.

Why did the crypto market shaky a week before the crash?

The crypto market had been especially shaky for about a week before the crash on Wednesday. On May 12, bitcoin fell 12% after Elon Musk walked back Tesla’s commitment to accept bitcoin as payment, citing concerns over the crytocurrency’s massive carbon footprint.