Why is Bitcoin crashing? Nearly $1 bn wiped out in one day

Nearly $1 billion worth of leveraged crypto positions were wiped out on Monday after another sharp fall in prices, adding fuel to an already deep market slide, a Bloomberg report said.

Bitcoin dropped up to 8% in New York, hitting $83,824. This means it has lost almost 30% of its value since early October. Ether fell even harder, slipping about 10% to $2,719, and is now down 36% in the last seven weeks.