Bitcoin dives to $58K, crypto market loses $140B

World's largest cryptocurrency loses 13.4% value in a week after $67K record last Wednesday.

Bitcoin dives to $58K, crypto market loses $140B

The price of Bitcoin fell Wednesday to $58,000, while the total crypto market value lost around $140 billion in a major selloff.

After plummeting to $58,000 at 4 a.m. EDT Tuesday, Bitcoin’s price was trading just above $58,800 at 10.15 a.m. EDT at a 5% daily loss.

The world's largest cryptocurrency has lost 13.4% of its value since it hit an all-time high of $67,000 on Oct. 20.

The decline has also led to major losses in other digital coins, with some altcoins posting a 14% decrease Wednesday.

Ethereum, the world's largest altcoin, was trading around $3,970 with a 4.5% loss.

The cryptocurrency market's total value stood at more than $2.6 trillion before the selloff began, according to the data by digital asset price-tracking website CoinMarketCap.

It, however, was down to $2.46 trillion at 10.15 a.m., shedding $140 billion in just hours, data showed.

Hüseyin Demir

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