Cryptocurrency market is falling:- Bitcoin and Ethereum are now worth half of their all time highs

The cryptocurrency market, which has taken the investment world by strom in recent year is currently despairing.

Cryptocurrency markets have crashed to a new 52-week low (13th June 2022). The global market capitalization has shrunk below $1 trillion to $977 billion, and a massive correction of around 12 % fall since yesterday. The global cryptocurrency market cap has fallen by around $1 trillion this year while almost every top coin is now worth half or even lesser than their all-time highs.

Forex markets, Global stock exchanges are under high pressure. Many economists are predicting that the market can still fall further. Cryptos like Bitcoin, Ethereum, Solana, Dogecoin, Decentraland Mana and many more coins are at there 52 weeks lows. Bitcoin has currently made a bottom of 20,821$ this morning, whereas Ethereum made a low of 1074$ dollars.

The Crypto market is Experiencing weakness for the last 8 months. The record highs of them are as follows:-

1 Bitcoin – 69,057$ (11/10/2021)

2. Ethereum – 4871$ (11/10/2021)

3. Solana –  259.9$ (11/6/2021)

4. Decentraland Mana – 5.9$ (25/9/2021)

The crypto crash appears to be a huge sell-off by investors amid heightened inflation fears and pausing of withdrawal by crypto lending service Celsius. Investors are also continuing to stay away from riskier assets, which is reflected stock market. Over 1 Trillion market capitalization is wiped out this year so far.

Ethereum has fallen to its lowest level in more than 14 months, trading around $1074. Solana has fallen by more than 15% and is hovering around the $27 mark.

“The crypto market has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. Bitcoin, Ethereum, and most cryptocurrencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,” said Edul Patel Co-Founder and CEO of crypto investment platform Mudrex.