America’s largest cryptocurrency exchange has fallen 13% to an all-time high of $ 208 amid a wider cryptocurrency rout. Coinbase also said it was investigating “Intermittent downtime” on its platform, while Binance, the world’s largest cryptocurrency exchange, disabling Ethereum withdrawals due to network congestion
Bitcoin plunged to 31% and approached $ 30,000 before rebounding to around $ 36,000 at 9:55 a.m. in New York. The cryptocurrency has now wiped out any gains it made following Tesla Inc.’s February 8 announcement that it would add the asset to its balance sheet. A Statement by the People’s Bank of China on Tuesday reiterating that digital tokens cannot be used as a form of payment added to the sale. Ethereum lost over 40%, while Dogecoin fell 45%.
Read more: Bitcoin Plunge Wipes $ 500 billion worth in Crypto Rout
The U.S. stock market is also expanding collapsed with the S&P 500 and Nasdaq 100 indexes each down 1.3% as fears of a revival in inflation weighed on global equities.
MicroStrategy Inc. lost as much as 16% and has now erased two-thirds of its value from its February high. On Tuesday, the enterprise software company known for its bullish cryptocurrency bets revealed that he bought an additional 229 Bitcoins, bringing his total to over 92,000.
Among other crypto-connected stocks, Galaxy Digital Holdings Ltd. lost 14%, Marathon Digital Holdings Inc. fell 13%, Riot Blockchain Inc. slipped 13%, and Bit Digital Inc. fell 11%.