HomeBusinessGlobal Cryptocurrency Markets Lose $1 Trillion as Bitcoin Falls| Read More!

Global Cryptocurrency Markets Lose $1 Trillion as Bitcoin Falls| Read More!

Cryptocurrencies, including bitcoin and other digital currencies, plunged to their lowest levels on Saturday, and the ongoing catastrophe has wiped away more than $1 trillion from the global cryptocurrency market’s worth.

Bitcoin was hovering at $35,000 per coin at the time of writing, and the largest digital currency by market capitalization had lost more than 40% of its value since reaching its all-time high in November 2021.

In November, bitcoin reached an all-time high of over $69,000.

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The crypto meltdown occurred at a time when the Federal Reserve of the United States said that interest rates might be hiked as soon as March and that the Fed might withdraw support from the market.

Other digital currencies, like Ethereum, Finance Coin, and Cardano, have all seen similar meltdowns in recent weeks. Solana, Dogecoin, and Shiba Inu all experienced significant reductions in value.

Global Cryptocurrency Markets Lose $1 Trillion as Bitcoin Falls Read More!

Cryptocurrency bitcoin has dropped below $36,000, a level below which “there is not much support till the $30,000 level,” according to Edward Moy, senior market analyst at Oanda, in a note.

Since then, Bitcoin’s market value has plummeted by more than $600 billion, owing to the cryptocurrency’s drop.

Cryptocurrencies such as Bitcoin have progressed from being a marginal asset class with a small number of users to be a fundamental element of the digital asset revolution, generating worries about their impact on financial stability.

According to an IMF study, the rising co-movement of cryptocurrencies, given their relatively high volatility and prices, might represent a threat to financial stability in the near future, particularly in countries where cryptocurrency use is widespread.

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As a result, it is past time to establish a comprehensive, coordinated global regulatory framework to guide national legislation and supervision while also mitigating the financial stability risks associated with the cryptocurrency ecosystem.

Despite considerable volatility, the market value of these innovative assets increased to about $3 trillion in November, up from $620 billion in 2017. This increase may be attributed to the increasing appeal of these assets among individual and institutional investors alike.

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