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Crypto assets bleed more than $1 trillion of their market value in one month

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Crypto assets bled nearly $US800 billion ($A1.15 trillion) in market value over the past month, touching a low of $US1.4 trillion yesterday. 7NEWS

, which makes up nearly 40 per cent of the crypto market, hit a 10-month low earlier on Tuesday, before rebounding to $US31,450, just six days after touching $US40,000.Digital asset prices have slumped, mirroring a plunge in equities on fears of aggressive interest rate hikes across the globe to stave off decades-high inflation.The tech-heavy Nasdaq was down 28 per cent from its November 2021 record high.

“Bitcoin remains highly correlated to the broader economic conditions, which suggests the road ahead may unfortunately be a rocky one, at least for the time being,” blockchain data provider Glassnode said in a note.TerraUSD, the world’s fourth-largest stablecoin, lost a third of its value on Tuesday as it lost its peg to the dollar.Getty Images

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