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Bitcoin Crash: Bitcoin hits a new low when the crypto market loses $ 200 billion

Continuing to follow the dynamics of traditional investment markets, major cryptocurrencies fell on Monday after a turbulent weekend when the value of the entire digital currency market fell by about $ 200 billion.

The entire crypto market, which was worth about $ 3 trillion last November, is now losing about $ 2 trillion as its market capitalization on Monday was just below $ 1 trillion.

As of noon on Monday, the major US stock indexes fell by 2% to 3.5%.This is for investors Inflation report on Friday worse than expected..

Bitcoin, the most traded cryptocurrency, fell below $ 23,000 per token late Monday morning, according to market trackers. CoinGeckoFor the first time since 2020, it surpassed that mark later in the day.

Ethereum has regained some position after hitting a low of about $ 1,182 per token at the beginning of Monday.

As of noon on Monday, Bitcoin and Ethereum fell 22.6% and 32.9%, respectively, last week as risk-averse investors continued to recede from crypto market volatility.

I can’t see the bull: Macro factors have contributed to the bearish crypto market, and rapid inflation continues, and the Federal Reserve is expected to raise interest rates this week to curb price increases. CNBC..

Last week, the US index sold out significantly. Tech-intensive Nasdaq plunges.. Bitcoin and other cryptocurrencies tend to correlate with stocks and other risk assets. As these indexes go down, so do the ciphers.

“Since November 2021, the Fed’s rate hikes and inflation control have dramatically changed sentiment, and given the ultimate need to work on the demand side to control inflation, the recession. You may also be watching. “

“All this shows that the market hasn’t completely bottomed out and that if the Fed can’t take a break, it’s unlikely that the bulls will come back.”

As good as gold. or not. Bitcoin took off in the fall of 2020 due to the day trading renaissance during the pandemic and the search for assets that could generate returns while bond yields hit record lows. The Wall Street Journal..

Cryptocurrencies soared to record highs last November. Since then, it has fallen 65% against the dollar, betraying the expectations of supporters who argued that cryptocurrencies could replace gold as a hedge against both inflation and turmoil in the wider market. increase.

Jeff Mei, Chief Marketing Officer of blockchain technology solution provider ChainUp, told the journal:

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https://www.deseret.com/u-s-world/2022/6/13/23165813/bitcoin-crypto-crash-hits-new-low-cryptocurrency-market-loses-200-billion-ethereum Bitcoin Crash: Bitcoin hits a new low when the crypto market loses $ 200 billion

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