Bitcoin below $40k, XRP fares better in crypto bloodbath

The valuation of Bitcoin has plunged below $40,000 as coins across the board shed value in the last 24 hours.

At the time of writing (7am), BTC had lost 13% of its value – and has gone down by a third in the last seven days.

Bitcoin has been damaged recently by Tesla’s decision to no longer accept it as a payment method due to environmental concerns, such is CEO Elon Musk’s influence on the crypto markets these days.

The bloodbath has been blamed on the banning on Tuesday of Chinese financial institutions and payment companies from providing crypto transaction services.

Musk’s public backing for ‘meme’ coin DOGE has seen it hit the top five cryptos for market cap in recent times. However it has dropped 16% to 42 cents.

Ethereum (ETH) was down 16% in 24 hours to drop below $3,000 and is down by a third in a week.

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Ripple’s XRP coin got away relatively lightly, shedding just 6% of its value in 24 hours to hit $1.44, compared with $1.53 on Tuesday morning. It is down 5% compared with seven days ago.

Litecoin (LTC) fell 12% in value to around $270. The altcoin – billed a lighter and faster version of Bitcoin – is worth 30% less than a week ago.

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A whole host of coins dropped more than 20% in value, including SHIBA INU (SHIB), Internet Computer (ICP), Nexo (NEXO), Telcoin (TEL), Revain (REV), PancakeSwap (CAKE), BakeryToken (BAKE), Nano (NANO) and OKB.

The only two coins to climb were Polygon (MATIC), up 12% to $2.43 after a 33% climb in the previous 24-hour period; and Fantom (FTM), up 3% to 64c.

To see how the valuations of the biggest movers and shakers – and main coins – have changed over the last few days, click here.

For up-to-the-minute valuations of the top 100 coins by market cap, and the one-hour price change, see below. 

To see the Crypto Rich List, the world’s richest people in cryptocurrency, scroll down to the bottom of the page.

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