Saudi Press

Saudi Arabia and the world
Thursday, Oct 02, 2025

Cryptocurrencies see $93.5 billion wiped off value in 24 hours as bitcoin plunges 48%

Cryptocurrencies see $93.5 billion wiped off value in 24 hours as bitcoin plunges 48%

Bitcoin was down 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60, according to data from Coindesk. The market capitalization, or total value of the entire cryptocurrency market, plummeted around $93.5 billion in the space of 24 hours as of 10:07 a.m. Singapore time, according to data from Coinmarketcap.com. The fall in cryptocurrency markets comes amid a broader sell-off in equities as governments continue to grapple with the new coronavirus which is spreading rapidly across the world.
Cryptocurrencies took a battering following a global sell-off in stocks, with bitcoin seeing a near 40% plunge.

The market capitalization, or total value of the entire cryptocurrency market plummeted around $93.5 billion in the space of 24 hours as of 10:07 a.m. Singapore time, according to data from Coinmarketcap.com.

Bitcoin was down 48% from 24 hours before at 10:24 a.m. Singapore time at $4,001.60, according to data from Coindesk.

The fall in cryptocurrency markets comes amid a broader sell-off in equities as governments worldwide continue to grapple with the new coronavirus that’s spreading rapidly across the world. The number of global cases has now exceeded 128,000, according to data compiled by Johns Hopkins University.

In the U.S., the Dow Jones Industrial Average closed 2,352.60 points lower, or 9.99%, its worst drop since the 1987 “Black Monday” market crash. That selling spilled over into Asia on Friday morning, where stock markets in Japan, South Korea and Hong Kong saw heavy losses.

Investors are concerned about the global economic fallout from the coronavirus as businesses are disrupted and cities are locked down. Countries have taken different approaches with Italy, one of the worst hit-nations, shutting down shops and restaurants, and the U.S. canceling sporting events. Across the world, schools have been shut and people made to work from home.

Over the past few years, bitcoin has been likened to “digital gold” and has been seen by some as a safe haven asset to park money when markets are facing turmoil. But bitcoin, which has now erased all of its gains for the year and is in negative territory, is behaving more like a risk asset such as an equity.

And action by central banks has done little to soothe investors’ concerns. This includes a recent emergency interest rate cute from the Federal Reserve and the Bank of England as well as further easing measures by the European Central Bank.

Other cryptocurrencies suffered similar drops on Friday. Ethereum tanked 49% at 10:24 a.m. Singapore time while XRP was down over 42%.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Trump Organization Teams with Saudi Developer on $1 Billion Trump Plaza in Jeddah
Electronic Arts to Be Taken Private in Historic $55 Billion Buyout
Colombian President Petro Vows to Mobilize Volunteers for Gaza and Joins List of Fighters
Nvidia and Abu Dhabi’s TII Launch First AI-&-Robotics Lab in the Middle East
UK, Canada, and Australia Officially Recognise Palestine in Historic Shift
New Eye Drops Show Promise in Replacing Reading Glasses for Presbyopia
Dubai Property Boom Shows Strain as Flippers Get Buyer’s Remorse
Top AI Researchers Are Heading Back to China as U.S. Struggles to Keep Pace
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
UAE-US Stargate Project Poised to Make Abu Dhabi a Global AI Powerhouse
Trump and Starmer Clash Over UK Recognition of Palestinian State Amid State Visit
Saudi Arabia cracks down on music ‘lounges’ after conservative backlash
Saudi Arabia Signs ‘Strategic Mutual Defence’ Pact with Pakistan, Marking First Arab State to Gain Indirect Access to Nuclear Strike Capabilities in the Region
Sam Altman sells the 'Wedding Estate' in Hawaii for 49 million dollars
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
Kuwait opens bidding for construction of three cities to ease housing crunch.
This Week in AI: Meta’s Superintelligence Push, xAI’s Ten Billion-Dollar Raise, Genesis AI’s Robotics Ambitions, Microsoft Restructuring, Amazon’s Million-Robot Milestone, and Google’s AlphaGenome Update
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
Could AI Nursing Robots Help Healthcare Staffing Shortages?
Turkish authorities seize leading broadcaster amid fraud and tax investigation
Qatari prime minister says Netanyahu ‘killed any hope’ for Israeli hostages
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Big Oil Slashes Jobs and Investments Amid Prolonged Low Crude Prices
Social Media Access Curtailed in Turkey After CHP Calls for Rallies Following Police Blockade of Istanbul Headquarters
Did the Houthis disrupt the internet in the Middle East? Submarine cables cut in the Red Sea
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Tether Expands into Gold Sector with Profit-Driven Diversification
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
×