The massive sell-off has swept the crypto market like lightning as this sell-off wipes off more than $200 billion in market capital in only 24 hours. This report was given by the price-monitoring website CoinMarketCap
As a result of a larger cryptocurrency sell-off, Bitcoin dropped below $26,000 for the first time in 16 months. This marked the first time since December 26, 2020, that the cryptocurrency slipped below $27,000.
Major Crypto also suffered a big dip
In less than eight sessions, Bitcoin lost a third of its value, or $13,000, and is now down over 45% this year. Since hitting a peak of $69,000 in November 2021, it has lost approximately two-thirds of its value.
The second-largest digital currency, Ethereum, dropped to $1,704.05 per token. The token has not fallen below $2,000 since June 2021. Ethereum just fell 8.8% to $1,937.88.
Scottie Siu said that I do not think the worst is over. In the coming days, I expect more unfavourable consequences. Scottie Siu is the investment director of Axion Global Asset Management, a Hong Kong-based business that manages a crypto index fund.
The market price of all cryptocurrencies has dropped to $1.12 trillion, with over 35% of the dip occurring this week, according to Reuters report.
Investors leaving Crypto market
BC Technology Group, a Hong Kong-listed fintech startup, saw its stock price drop by 6.6%. The stock of The Monex Group, located in Japan, which runs the TradeStation and Coincheck platforms, dropped by 10% by the end of the day.
Investors are avoiding cryptocurrencies at a stage when stock markets have fallen since the coronavirus outbreak This stage occurred due to fears of rising prices for the overall economy.
Inflation in the United States surged by 8.3% in April. This is the highest level in nearly four decades.
