Bitcoin price crashes spectacularly, wiping $10k from value

The price of bitcoin has crashed spectacularly following weeks of steady gains.

More than $10,000 (£7,120) was wiped from the cryptocurrency’s value in the space of just a few hours on Monday, taking its value below $50,000.

The price correction came after bitcoin hit a new all-time high above $58,000 on Sunday.

Bitcoin’s price fell to below $49,000 on Monday, though its remarkable gains meant it was still trading higher than it was one week ago.

Other major cryptocurrencies also experienced heavy losses, including Ethereum (ether), bitcoin cash, cardano and dogecoin.

The market-wide turmoil saw nearly $300 billion wiped off the total market cap of all cryptocurrencies combined, according to CoinMarketCap.

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