A Dizzying Drop
In November 2021, the market capitalisation, or m-cap, of all cryptocurrencies put together stood at over $3 trillion more than the GDP of all but a handful of countries. While the pandemic saw a rise in the number of people getting into crypto holdings, the lifting of lockdowns and a return to business as usual has been accompanied by these assets taking a severe beating.
As things stand, the most popular, valuable and the first cryptocurrency, Bitcoin, has plumbed an 18-month low its value is now below $23,000. The price of a single Bitcoin has fallen by 15% as this week opened. The second-most valuable cryptocurrency, called Ethereum, has suffered a 17% drop in value.
Bitcoin's m-cap dipped below $500 billion while that of Ethereum was just above $160 billion with both now down about 70% from their peaks.
What Sent The Prices Tumbling
A combination of record-high inflation in the US, wary investors selling off risky crypto assets, the TerraUSD crash in May, and crypto platform Celsius Network freezing withdrawals, has sent the market into a spiral.
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