HomeCRYPTOCURRENCY NEWSThe Cryptocurrency Market Is Shrinking After Another $350 Billion Was Lost Over...

The Cryptocurrency Market Is Shrinking After Another $350 Billion Was Lost Over the Weekend, With Bitcoin Falling to a 6-month Low| More Info!

On Monday, prices for cryptocurrencies went down, after the value of the whole market was wiped out by $350 billion over the weekend. People were afraid that the Federal Reserve might be too aggressive.

According to CoinMarketCap, Bitcoin fell almost 6% in the last 24 hours to $33,561, down more than 50% from its record high of $68,790 set in November. Ethereum lost more than 10% of its value, dropping to $2,219.

It lost $350 billion over the weekend, bringing its loss over the last seven days to $400 billion, which is how much it has lost in value. In mid-November, CoinMarketCap said it was worth about $1.60 trillion. That’s down from about $3 trillion in mid-November.

Cryptocurrencies lost a lot of money last week because they went down with the stock market. People were worried about the Federal Reserve raising interest rates a lot this year. Bitcoin and ethereum both lost 22% and 32% over the last seven days.

Investors are more likely to put their money into areas of the market that they think are less risky when the interest rate is high.

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In a note, Michael Every, global strategist at Rabobank, said that even before we get to regulatory blue screens of death, “this looks like a crash for now.”

The Cryptocurrency Market Is Shrinking After Another $350 Billion Was Lost Over the Weekend, With Bitcoin Falling to a 6-month Low| More Info!

Altcoins have lost more money than the top coins. Cardano has lost 13% in the last 24 hours to $0.97, and it has lost 36% in the last seven days. Solana, on the other hand, lost 18 percent to reach $83.12 and lost 42% in a week.

“Ethereum killers” made money in 2021, even though some people thought ethereum was losing ground to them as a platform for decentralized finance (or “Defi”) apps. But the gains have been lost in this new crash.

Solana’s price went down because its reputation took a hit after its network went down for the second time in January over the weekend.

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Cryptocurrency prices have been going down with the stock market in January. People are afraid that the Fed will raise interest rates and that inflation is going up. The S&P 500 is down almost 10% this year and the tech-heavy Nasdaq is in “correction” territory.

During the Fed’s meeting on Wednesday, investors will learn if the central bank plans to be even more aggressive than the four interest rate rises expected this year, as they try to deal with very high inflation.

The Cryptocurrency Market Is Shrinking After Another $350 Billion Was Lost Over the Weekend, With Bitcoin Falling to a 6-month Low| More Info!

People who support bitcoin may lose money when the price of bitcoin drops. NFL stars Odel Beckham Jr. and Aaron Rodgers could lose money because they took half of their salaries in bitcoin.

Mike Novogratz, the CEO of Galaxy Digital and a well-known bitcoin supporter, took to Twitter to point out that there have been a lot of similar tweets in the past.

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