Bitcoin-led crypto rout erases nearly $500 billion in a week [View all]

(Bloomberg) -- Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as a selloff led by Bitcoin accelerated.

Total crypto market value has slumped by $467.6 billion since Jan. 29, according to CoinGecko data. Bitcoin on Tuesday tumbled to its lowest level since US President Donald Trump won re-election in early November 2024 and ushered in a more crypto-friendly administration.

The original cryptocurrency, which hit a 15-month low of $72,877 in the US, regained some ground Wednesday and was trading at around $74,800 as of 10:13 a.m. in New York.

Despite a pro-crypto White House and surging institutional adoption, Bitcoin has plummeted about 40% since rocketing to a record in early October. The rout follows a crippling series of liquidations on Oct. 10 that wiped out $19 billion in leveraged token bets, from which the broader crypto market has yet to recover.

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