# $200 Billion Wiped Off Cryptocurrency Market In 24 Hours As Bitcoin Pulls Back 

**URL:** <https://onehack.st/t/200-billion-wiped-off-cryptocurrency-market-in-24-hours-as-bitcoin-pulls-back/169583>\
**Category:** News & Articles\
**Tags:** trading\
**Created:** [January 12, 2021, 2:09pm UTC](https://onehack.st/t/200-billion-wiped-off-cryptocurrency-market-in-24-hours-as-bitcoin-pulls-back/169583 "2021-01-12T14:09:33Z")\
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**Author:** ![TheStrength](https://onehack.st/user_avatar/onehack.st/thestrength/32/46753_2.png) [@TheStrength](https://onehack.st/u/TheStrength)\
**Post date:** [January 12, 2021, 2:09pm UTC](https://onehack.st/t/200-billion-wiped-off-cryptocurrency-market-in-24-hours-as-bitcoin-pulls-back/169583/1 "2021-01-12T14:09:33Z")

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[![](https://image.cnbcfm.com/api/v1/image/105610790-1544148793140gettyimages-1064216666.jpeg) ](https://image.cnbcfm.com/api/v1/image/105610790-1544148793140gettyimages-1064216666.jpeg)

Bitcoin and other digital coins tanked on Monday, [wiping some $200 billion off the cryptocurrency market](https://www.cnbc.com/2021/01/11/bitcoin-btc-price-nearly-170-billion-wiped-off-entire-cryptocurrency-market.html). CNBC reports:

_The market capitalization or value of the cryptocurrency market was $880 billion at 9:20 a.m. ET, down from [$1.08 trillion a day earlier](https://news.slashdot.org/story/21/01/07/1942235/the-worlds-cryptocurrency-is-now-worth-more-than-1-trillion), according to Coinmarketcap. Bitcoin, the largest cryptocurrency, fell over 12% from a day earlier to $32,576, according to Coin Metrics data. It earlier sank to an intraday low of $30,863. Ether, the second-largest cryptocurrency, was down 23% to $1,005. It briefly tumbled below $1,000, hitting an intraday low of $945. The sell-off in cryptocurrencies comes after a huge rally and perhaps signals some profit-taking from investors. Bitcoin is still up over 300% in the last 12 months and last week hit an all-time high just below $42,000._

 

_Jehan Chu, founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital, said the pullback in bitcoin could be a buying opportunity for new investors. “This short term correction is both natural and needed, and is a great entry point for long-term investors as we quickly reach $50k this quarter and $100k by year’s end,” Chu told CNBC. Last week, Social Capital’s Chamath Palihapitiya said bitcoin could go above six digits. “It’s probably going to $100,000, then $150,000, then $200,000,” Palihapitiya told CNBC’s Halftime Report. “In what period? I don’t know. [Maybe] five or 10 years, but it’s going there.”_