Pune, 13th June 2022: On Monday, the value of the cryptocurrency market fell below $1 trillion for the first time since January 2021. According to data from CoinMarketCap, the market value of the cryptocurrency declined to $926 billion.
In November 2021, the global cryptocurrency market was at its peak and its market value was $ 2.9 trillion. But, this year the cryptocurrency is seeing a steady decline. Its market value fell by $1 trillion in the past two months as investors expected growth to be impacted by rising inflation and rate hikes by central banks.
Bitcoin, the most popular cryptocurrency, fell more than 10 percent on Monday, reaching an 18-month low of $23,750. This year bitcoin has lost up to 50 percent. The smaller coin Ethereum declined by more than 15 percent to the $1,210 level.
US inflation hits 40-year high, UK inflation continues to rise and bitcoin hits 18-month low.
