Oil markets tumble 30%, $26B wiped off crypto market as BTC drops 10% in 1 day

posted 4 months ago
The value of the entire cryptocurrency market fell over $26 billion on Monday. Bitcoin fell 10% in 24 hours. The sell-off in digital coins followed a plummet in oil prices. Oil markets tumbled by about 30% on Monday morning, which was the largest single-day decline in 29 years. Brent futures saw their second-biggest decline in history, behind the crash during the Gulf War in 1991.

The sell-off in the cryptocurrency market comes after the international oil benchmark Brent crude futures plummeted 30% to $31.02 per barrel, its lowest level since Feb. 2016. That was sparked by Saudi Arabia slashing its official selling prices for oil after OPEC failed to agree a deal on production cuts.
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