Bitcoin and ethereum suffered steep drops on Sunday as investors sold out of risky assets.
The cryptocurrency market plunged on Sunday, shedding around $270 billion in value over a 24-hour period.Nurphoto | Nurphoto | Getty Images
The cryptocurrency market plummeted in value on Sunday, as investors continued selling out of risky assets. Led by a drop of 11% in bitcoin in the past 24 hours and a 21% plunge in ether, the overall value of cryptocurrencies sank by about $270 billion, according to. Japan's Nikkei 225 dropped as much as 7%, extending losses that began last week, after the Bank of Japan announced it wouldits benchmark rate steady and didn't promise a rate cut in September, which many market experts had baked into their forecast. Lower interest rates tend to correlate with better performance for risky assets.
The latest crypto wipeout will be felt by a broader base of investors after the SEC this year approved new spot exchange-traded funds for bitcoin and ether. The ETFs have seen hundreds of millions of dollars flow into the coins. On Friday, CNBC reported that Morgan Stanley
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