$600 Billion Worth of Crypto Wiped Out Into Nothing

Virtual currencies are retreating so broadly and sharply, it is questioning the durability of the cryptocurrency boom.

Cryptocurrencies such as bitcoin, ether, and dogecoin cracked on Wednesday after China banned its financial and payment institutions from dealing in digital assets. The sentiment took a further hit on inflation worries in the US.

Cryptocurrencies have lost more than $600 billion combined. The fall in Bitcoin, the flagship cryptocurrency, started when one-time proponent Elon Musk fired back, citing environmental concerns. Tesla has suspended vehicle purchases using Bitcoin due to climate change concerns, its CEO Elon Musk said in a tweet.

Reportedly, global crypto exchanges such as Binance and Coinbase also crashed yesterday amid a trading volume surge. Users of CoinSwitch Kuber also complained about issues with the platform on Twitter.