Cryptocurrencies extended losses on Wednesday, with Bitcoin cracking 19% to slip below the $49,000 level. The biggest cryptocurrency, in terms of market capitalization, traded at $49,767, down 14.6% at around 1155pm, as per data available with WazirX.
“We have major concerns about cryptocurrency from a financial stability perspective,” Reserve Bank of India governor Shaktikanta Das told news channel CNBC TV18 on Wednesday.
Last week, Bitcoin became the first digital currency in the world to hit a market valuation of $1 trillion. It took the crypto asset less than two months to reach this mark from $25,000 as of the end of December.