The cryptocurrency market loses about 130,000 million dollars in the last 24 hours amid the crash of bitcoin and ether

Published:

24 Jan 2022 19:10 GMT

Both digital currencies fell to their lowest points since last July and are within 50% of their respective all-time highs.

In the last 24 hours, the cryptocurrency market has lost about 130,000 million dollars, as the price of major digital currencies has continued to fall for several days, CNBC reports.

Bitcoin was down around 4% to $33,755.57 on Monday morning, while ether slumped 7% to $2,239.08, according to data from Coin Metrics. In this way, both cryptocurrencies fell to their lowest points since last July and they are within 50% of their respective all-time highs.

As experts explain, the price of cryptocurrencies moves in parallel with stocks, which have continued to fall since the beginning of this year and have just come off their worst week since March 2020. Investors have been selling risky assets such as tech stocks as they brace for tighter monetary policy from the Federal Reserve. from USA

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“It is possible that macroeconomic concerns, such as the US Federal Reserve’s response to inflation rates, have facilitated more risk-off activity in general,” said Juthica Chou, head of options trading at the market. over-the-counter (OTC) trading from Kraken. “The recent drop in prices, coupled with high volatility, could be fueling more selling as participants seek to reduce risk,” he added.

Meanwhile, Vijay Ayyar, vice president of corporate development and international expansion at Luno, pointed out that Bitcoin is likely to trade between $30,000 and $32,000, taking into account the current market sentiment. For his part, John Roque, an analyst at 22V Research, forecasts that the main digital currency could plunge further, adding that the median of the historical bear market for bitcoin has fallen by 78%.

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