Bitcoin, ethereum plunge on sell-off

Popular cryptocurrencies like bitcoin, ethereum and dogecoin on Wednesday plunged on major cryptocurrency platforms, including India, amid uncertainties about the future of digital currencies. Bitcoin — which plunged up to 27 per cent earlier in the day — was trading at $39,429.20, down 10.20 per cent at 11.30 pm IST. Ethereum was trading 19.33 per cent down at $2,793.65 on crypto platforms.

Dogecoin’s price fell by 21.65 per cent to $0.382533 and XRP fell 22.74 per cent to $1.25.

Cryptocurrency expert Hitesh Malviya said, “We have seen a market-wide correction today … not only bitcoin, other major cryptocurrencies like ethereum, binance and polkadot witnessed a 25-50 per cent drop in the last 24 hours. Correction is the part of any bull market cycle.