The crypto market is falling heavily and investors are found booking big losses for the same. Ever since Luna crashed from 119.5$ to 0$ investors are fearful to expose their money to the crypto market. This correction in the market is seen as an opportunity to accumulate more quantity of their favourite crypto as well as a threat by the investors. The value of coins is falling sharply and a huge market capital is getting wiped out daily.
Cryptocurrency markets have crashed to a brand new 52weeks low (18th June 2022). The global market capitalization has shrunk below $1 trillion to $841.9billion, and a massive correction of around 6.43% fall since yesterday. The global cryptocurrency market cap has fallen by more than $1 trillion this year while almost every top coin is now worth half or even lesser than their all-time highs.
Bitcoin has made a brand new low of 18,741.14$ today. A sharp fall of 8.13℅ in a single day and a fall of 33℅ in a single week is witnessed by the market. The current market cap of Bitcoin (BTC) is 364.82B$.
Bitcoin’s dominance is currently 43.34%, a decrease of 0.77% over the day.
Whereas the second largest coin Ethereum also made a new low of 975 $ today. Ethereum plunged by 8.51℅ in one day and 36.30℅ in a single week. The current market capital of Ethereum is 120.83B $.
Market expert on the market fall:-
Shivam Thakral, CEO of crypto exchange BuyUcoin said that the rising food, gas, and energy prices are putting tremendous pressure on the crypto market as Bitcoin and Ether have witnessed double-digit losses in the past few days. “After the consumer price index reported the highest inflation since 1981, financial markets across the globe have seen a sharp downturn,” said Thakral.