$130 Billion Wiped Out by Crypto Market Drop in 24 Hours

The cryptocurrency market saw $130 billion of its value wiped out in just 24 hours as leading cryptocurrencies continue a major sell-off.

CNBC reports that the cryptocurrency market has seen $130 billion of its value wiped out in 24 hours alone as leading cryptocurrencies continue an almost week-long sell-off. Bitcoin dropped by four percent to around $33,755.57, its lowest price since July 2021, while Ether dropped seven percent to $2,239.08 its lowest price since late July.

Cryptocurrencies seem to be moving in the same direction as stocks, which have continued to fall since the start of the year and just had their worst week since March 2020. Investors have been selling off risk assets including tech stocks in preparation for tighter monetary policy from the Federal Reserve and an increase in interest rates.

Vijay Ayyar, vice president of corporate development and international expansion at the crypto firm Luno Global, commented: “Bitcoin and crypto have been reacting much more violently, given the nature of the asset class and we’re likely to test 30-32K given current sentiment and momentum.” – READ MORE