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Crypto tokens plunge in fresh sign of global market nerves

Bloomberg
Bloomberg12/5/2021 04:50 PM GMT+08  • 3 min read
Crypto tokens plunge in fresh sign of global market nerves
Bitcoin is still up more than 60% this year
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Bitcoin plunged along with other cryptocurrencies on Saturday, in another indication of the risk aversion sweeping across financial markets.

The largest digital token fell as low as US$42,296 before paring some of the tumble. It was trading at about US$48,300 as of 10:31 a.m. in New York on Saturday, a drop of about 10%. The token has now declined more than 20% from the all-time high of more than US$69,000 seen on November 10.

Ether, the second-largest token, fell as much as 17.4% before trimming the retreat to about 4%. The overall crypto sector has shed around a fifth of its value, sliding to US$2.2 trillion, according to tracker CoinGecko.

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