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The cryptocurrency sell-off is now being called a "bloodbath" by commentators as it enters a third straight day of declines. Here are all of the theories explaining the crash.
Here are the current standings as of midday Wednesday:
- Bitcoin (BTC): $10,309 (-9.1%)
- Ethereum (ETH): $904 (-15.0%)
- Ripple (XRP): $1.04 (-9.5%)
- Bitcoin Cash (BCC): $1,581 (-10.4%)
- Litecoin (LTC): $170 (-9.1%)
What’s happening:
- Bank of America CEO Brian Moynihan said on a call with reporters that customers were welcome to buy bitcoin in other accounts — just not through Merrill Lynch, the bank’s wealth management arm.
- Cryptocurrencies are tanking, but long-term investors have seen this before. In fact, this is the third year in a row that bitcoin — and the overall market for digital coins — has plunged early in the new year.
- The Winklevoss twins have seen about $600 million wiped off their bitcoin wealth in just 2 days.
- Companies that pivoted to crypto are also getting whacked amid the sell-off.
- Ripple’s cofounder may have lost nearly $12 billion as XRP continues to slide.
- Finally, a startup that wants to be the Airbnb for your stuff raised $25 million in a cryptocurrency and cash fundraising round.
SEE ALSO: A popular bitcoin stock announced a 91-for-1 split that could make it more accessible to the masses
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