The price of bitcoin has plummeted over the past 24 hours, with a 9% drop since the beginning of Thursday. This was in part due to reports that Space X had sold off its holdings of the cryptocurrency which sent investors flocking away from riskier assets.
CoinGlass, a cryptocurrency trading platform, reported that out of a total of $1 billion drained from cryptocurrencies worldwide yesterday, bitcoin alone made up approximately half that amount. The world's most valuable digital currency is currently trading at $26,327 on CoinMarketCap, 16% below its value when measured at its peak in early July.
The sell-off on stock markets and other traditional 'safer' investments like government bonds was also triggered by US Federal Reserve officials claiming inflation rates are "unacceptably high", hinting at an imminent rate hike.
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