Crypto Market Cap Lost $500B in a Day as Bitcoin Slid to a 2-Month Low (Market Watch)

$500B were evaporated from the crypto market cap as bitcoin slid $12,000 in a day.

Although bitcoin has failed to overcome $60,000 for weeks, the cryptocurrency was actually performing rather well lately.

However, it all changed after Tesla and Elon Musk said they will cease receiving bitcoin payments for their products and services.

In the following hours, the primary cryptocurrency kept falling to a low beneath $46,000.

Despite recovering some ground and currently sitting above $51,000, bitcoin’s market cap dived well below the coveted $1 trillion line.

As it typically happens when there’s enhanced volatility with BTC, the altcoins also follow along.

The adverse developments, though, took ETH by storm, and it plummeted to a low of $3,550 in a matter of hours.

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