The 58% plunge in the biggest cryptocurrency is the largest since the third quarter of 2011, when Bitcoin was still in its infancy, data compiled by Bloomberg show. The decade in between those hallmarks featured several booms and busts, with the market value of all tokens swelling to a peak of $3 trillion last November as they gained more widespread adoption and ultra-low interest rates spurred risk taking.
Prices were tumbling again on Thursday, with the world’s largest token by market value sliding more than 6% to breach $19,000 for the second time in a fortnight. More volatile altcoins did worse, with Avalanche and Polygon each falling more than 10%. While perhaps not directly correlated to falling prices, the mood around Bitcoin was worsened by the Securities and Exchange Commission’s
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