Bitcoin plummets 8%, crypto market loses $270B in single day

ANKARA

Bitcoin plummeted almost 8% on Tuesday, while the value of the cryptocurrency market declined around $270 billion in a single day.

The world's biggest cryptocurrency Bitcoin saw its price fall to as low as $58,574 at 5 a.m. EDT, losing 7.8% from its previous close of $63,562.

It was trading at $60,600 at 8.55 a.m. with a 7.4% loss, according to official data.

Ethereum, the world's second-largest crypto and biggest altcoin, plummeted to $4,103, losing 10% from its previous close of $4,563. At the time it was at $4,275, losing 9.3%.

While some altcoins plummeted as much as 20%, the value of the cryptocurrency market was down 8.8% in a single day.

The market capitalization of cryptocurrencies stands at almost $2.75 trillion, according to data by digital asset price-tracking website CoinGecko.