Cryptocurrencies have lost $800 billion in market value in the past month.

Cryptocurrencies have lost about $ 800 billion in market value in the last month, according to Reuters, with a bottom of $ 1.4 trillion on Tuesday, according to statistics site CoinMarketCap, as the end of straightforward monetary policy dampens interest for riskier assets.

Prices of digital assets have fallen, reflecting a drop in stocks raising fears of rapid interest rate hikes around the world to combat decades-high inflation. The Nasdaq (.IXIC), a tech-heavy index, was below 28% from its all-time high in November 2021.

Bitcoin, which accounts for roughly 40% of the cryptocurrency market, fell to a 10-month low on Tuesday before recovering to $31,450, only six days after hitting $40,000. It was down more than 54% from its all-time high of $69,000 on November 10th. According to blockchain analytics firm Glassnode, Bitcoin remains highly tied to larger economic conditions, implying that the road ahead may be rocky, at least for the moment being.

According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in November. According to a study released on Monday by digital asset manager Coinshares, despite bitcoin’s price drop, funds and products related to it saw withdrawals of $45 million last week while investors took advantage of market weakness.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Jai Hamid

CoinCu News