$260 billion wiped off cryptocurrency market in 24 hours as bitcoin plunges below $50,000

GUANGZHOU, China — Bitcoin and other digital coins plunged on Friday wiping over $260 billion off the value of the cryptocurrency market.At around 14:06 p.m. Beijing time, bitcoin was down nearly 10% in the last 24 hours at $49,281.40, according to CoinDesk data. Ethereum fell to $2,202.05, down more than 11%. XRP, the fifth-biggest cryptocurrency plunged over 22%, according to price tracking site CoinMarketCap.This wiped out around $260 billion of value from the entire cryptocurrency market.It was unclear what triggered the sell-off though cryptocurrencies are known for their wild price swings."The market has run up quite a bit overall, and it's probably cooling off before the next leg up," Vijay Ayyar, head of business development at cryptocurrency exchange Luno, told CNBC by email.On Thursday, U.S. stock indexes fell after reports that President Joe Biden is considering a hike in the capital gains tax."There has also been a wider stock market…

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