Bitcoin plunge may have big consequences (and benefit Trump)

The stability of global financial markets is under increasing pressure after a day of massive losses in the value of Bitcoin and other cryptocurrencies, as well as technology stocks on Wall Street.

Bitcoin’s value fell by more than 12%, or more than US$111 billion (AU$160 billion), in US transactions on Wednesday. Wall Street stocks also fell overall. Even gold, silver and oil were sold. Both gold and silver were screaming louder as investors rushed to safety amid the turmoil caused by the U.S. stock market, which critics described as expensive, and Greenland, which has a huge debt burden for governments around the world.