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Crypto market plunges below $1 trillion as Bitcoin stumbles

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Crypto market drops below $1 trillion as Bitcoin stumbles

The largest digital token has shed more than 6% so far this week and was trading at about $18,620 as of 10:28 a.m. in Singapore.

Surging real interest rates — seen as the true cost of borrowing — are heaping pressure on a range of risk assets and crypto is no exception. “The macro narrative is very hard to be able to let go and will drive risk assets,” Kevin Loo, head of investment insights at IDEG Asset Management Ltd., said on Bloomberg Television.

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