Crypto market suddenly crashes, wiping value from Ethereum and dogecoin

Bitcoin price crashed amid a market-wide downturn on Tuesday, 8 June, 2021

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The price of bitcoin fell suddenly by 10 per cent overnight, prompting a market-wide downturn that saw billions wiped from Ethereum (ether), Cardano (ada) and dogecoin.

Bitcoin was trading at just above $32,000 on Tuesday morning, having reached close to $40,000 at the end of last week. The latest dip took the overall market cap of all cryptocurrencies combined below $1.5 trillion for the first time since May.

The price crash comes despite growing support for cryptocurrency, with the president of El Salvador announcing over the weekend that bitcoin would considered legal tender in the Central American country.

The NHL’s San Jose Sharks also became the latest major US sporting franchise to begin accepting payments in bitcoin, ether and dogecoin.

Former US president Donald Trump also gave a back-handed endorsement of bitcoin, calling it a “scam” but also a “currency” that could rival the US dollar.

We’ll have all the latest updates, analysis and price predictions from crypto experts right here.

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