The value of the cryptocurrency market on Monday fell below US$1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as $926 billion.
The global cryptocurrency market peaked at $2.9 trillion in November 2021, but it has faltered so far this year. It has lost $1 trillion in value in the last two months alone as investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.
The largest cryptocurrency, bitcoin BTC=BTSP, was down more than 10% on the day, falling to an 18-month low of $23,750. It is down by around 50% so far this year. Smaller coin ether ETH=BTSP fell over 15% to $1,210. "As inflation proves to be an even trickier opponent to beat than expected, Bitcoin and Ether are continuing to get a severe bruising in the ring," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
"They are prime victims of the flight away from risky assets as investors fret about spiralling consumer prices around the world."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Opinion | Why Toronto paying $1 million for rent-a-cops to spy on public parks just doesn’t add upIf you don’t oppose employing private security in parks on purely moral grounds, you should oppose it on purely financial ones.
Read more »
Cenovus Energy to buy remaining 50% stake in Sunrise oil sands from BPThe total value of the Cenovus-Sunrise deal includes $600 million in cash and a variable payment of $600 million expiring after two years
Read more »
Buying a home in a cooling marketShould you act now or wait for prices to drop
Read more »
Buying a home in a cooling marketShould you act now or wait for prices to drop
Read more »