. It has lost $1 trillion in value in the last two months alone as investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.
The largest cryptocurrency, bitcoin, was down more than 10% on the day, falling to an 18-month low of $23,750. It is down by around 50% so far this year. Smaller coin ether fell over 15% to $1,210. “As inflation proves to be an even trickier opponent to beat than expected, Bitcoin and Ether are continuing to get a severe bruising in the ring,” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
“They are prime victims of the flight away from risky assets as investors fret about spiralling consumer prices around the world.” Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.
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Cryptocurrency market value slumps under US$1 trillionThe value of the cryptocurrency market on Monday fell below US$1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion. Don't worry bitcoin folks everything is good . Crypto lending firm Celsius said Sunday that it would pause withdrawals on its platform, citing market conditions as the price of Ether and other cryptocurrencies tumbled. Ponzi schemes are less popular during recessions
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Cryptocurrency market value slumps under US$1 trillionThe value of the cryptocurrency market on Monday fell below US$1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion. Don't worry bitcoin folks everything is good . Crypto lending firm Celsius said Sunday that it would pause withdrawals on its platform, citing market conditions as the price of Ether and other cryptocurrencies tumbled. Ponzi schemes are less popular during recessions
Herkunft: CTVNews - 🏆 1. / 99 Weiterlesen »