As the crypto market continues to plummet the market has lost $55 billion as Bitcoin and ETH dived below $19K and $1,023 respectively
Crypto Market Plummets
BTC
On Thursday, Bitcoin plunged below the $19,000 mark once more, targeting the crucial support level established on June 18 as the cryptocurrency market tries to recover from the bear market zone.
At 0930GMT, the price of Bitcoin plunged to $18,921, its lowest point since December 2020. The largest cryptocurrency in the world by market cap was down 4.8 percent on the day as of 1225 GMT, trading at $18,123.
Crypto Market: ETH
By market value, Ethereum is the largest altcoin in the world. At 11:15 GMT, its price fell to $1,011. At 12:25 GMT, it was trading at about $1,023.
As of 1055GMT, the market’s overall value was $852 billion, down $55 billion (or 6%) from the $907 billion it had been at 1507GMT on Wednesday. At 12:25 GMT, the total value was approximately $854 billion, representing a daily loss of 5.1 percent.
Rate Hike Cycle and Inflation
The market’s entire value has decreased dramatically from the $3 trillion market cap that was recorded in November.
The recent selloff is a result of the central banks’ recent aggressive rate hike cycle, which has investors worried that monetary tightening may lead to a global economic recession.
Managing high inflation could and probably will result in slower economic development, according to US Federal Reserve Chair Jerome Powell, while Christine Lagarde, president of the European Central Bank, said she doesn’t think the world is returning to a time of low inflation.
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