Cryptocurrencies are having a bad day as the market value of digital assets fell to $1 trillion on Monday.
According to data site CoinMarketCap, cryptocurrencies hit $926 billion for the first time since January 2021.
Bitcoin, the largest cryptocurrency, is down more than 10% today to an 18-month low of $23,750 (, 4 19,475). This year it has been reduced by 50%.
The global cryptocurrency market hit $2.9 trillion in November 2021, but it is steadily declining this year.
In the past two months alone, investors have shunned riskier assets due to high inflation and fear that rising interest rates by central banks will slow growth.
Rich Blake, financial consultant at Uphold, said:
“Currently, extreme market conditions and food policy updates are exacerbating the outcome of crypto assets.
Investors panicked as more than $200 billion was withdrawn from the crypto market on the first day of last month.
Ethereum, the second largest digital currency in the world, has fallen by 20% in 24 hours. Ethereum is currently down 15% at $1210.
Experts predict a “crypto winter” from early 2018 to mid-2020, when prices fall.
Source: Metro
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