Bitcoin-led crypto rout erases nearly $500bn in a week

Bitcoin’s plunge is raising doubts that it functions as a kind of “digital gold".

The original cryptocurrency, which hit a 15-month low of $72,877 in the US, regained some ground Wednesday

Almost half a trillion dollars has been wiped off cryptocurrencies in less than a week as a selloff led by Bitcoin accelerated.

Total crypto market value has slumped by $467.6bn (€396.3bn) since Jan. 29, according to CoinGecko data. Bitcoin on Tuesday tumbled to its lowest level since US President Donald Trump won re-election in early November 2024 and ushered in a more crypto-friendly administration.