Bitcoin plunges 7% to 11-month low near $29,000 – MarketWatch

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Bitcoin BTCUSD, -3.57% plunged 7% to as low as $29,100 Wednesday, the lowest level since June 2021. The cryptocurrency lost almost $2,500 during the past hour, while it is down about 58% from its all-time high in November, according to CoinDesk data. Ether ETHUSD, -6.50% declined 8% to as low as $2,127. Investors are watching the rescue plan to be conducted to support a so-called algorithmic stablecoin TerraUSD, which fell to as low as 23 cents on the dollar on Wednesday, before it rebounded to around 33 cents.
The battered S&P 500 index is not pricing in a recession, according to DataTrek Research. 

Frances Yue covers the cryptocurrency market as a Reporter for MarketWatch.

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