NEW YORK–For the first time in 16 months, the cryptocurrency market fell below a $1 trillion valuation as the prices of major coins has plunged.
Bitcoin has lost 65% of its value since its all-time high in November.
A fresh sell-off in cryptocurrencies pulled the total value of the market to its lowest in more than a year, with the latest U.S. inflation shock “sending investors fleeing from so-called risky assets,” according to Business Insider.
CoinMarketCap said the value of the cryptocurrency market has not been below since February 2021. The most prominent, bitcoin, tumbled 13% to trade at $23,693, falling below $24,000 for the first time since December 2020, the report added.
Bitcoin Gets Bit
The cryptocurrency market has declined down from a roughly $3 trillion valuation in November 2021, “undergoing a so-called crypto winter where prices for bitcoin and other tokens have struggled to gain upside traction,” Business Insider reported.
Bitcoin has dropped significantly from its one-time high of $69,000 in 2021 and was trading at $22,513.90 as of this report.
The crypto space "is on the verge of a reckoning now that the gloves are off around global inflation and the realities of a new world where fixed interest actually pays a yield – albeit one still deeply negative in real terms," Jeffrey Halley, senior market analyst at forex broker Oanda, in a note cited by Business Insider.
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