Skip to main content
Best News Website or Mobile Service
 
WAN-IFRA Digital Media Awards Worldwide
Best News Website or Mobile Service
 
Digital Media Awards Worldwide
Hamburger Menu

Advertisement

Advertisement

Business

Cryptocurrency market value slumps under US$1 trillion

Cryptocurrency market value slumps under US$1 trillion

Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, Feb 14, 2018. (Photo: Reuters/Dado Ruvic)

LONDON: The value of the cryptocurrency market on Monday (Jun 13) fell below US$1 trillion for the first time since January 2021, according to data site CoinMarketCap, reaching as low as US$926 billion.

The global cryptocurrency market peaked at US$2.9 trillion in November 2021, but it has faltered so far this year. It has lost US$1 trillion in value in the last two months alone as investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.

The largest cryptocurrency, bitcoin, was down more than 10 per cent on the day, falling to an 18-month low of US$23,750. It is down by around 50 per cent so far this year. Smaller coin ether fell over 15 per cent to US$1,210.

"As inflation proves to be an even trickier opponent to beat than expected, Bitcoin and Ether are continuing to get a severe bruising in the ring," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.

"They are prime victims of the flight away from risky assets as investors fret about spiralling consumer prices around the world."

Source: Reuters/zl
Categories

Advertisement

Also worth reading

Advertisement