The global crypto market’s value today tanked over 10% in the past 24 hours to $1.49 trillion, according to pricing from CoinGecko.
Bitcoin slumped below $30,000 for the first time since July 2021 on Tuesday as cryptocurrencies track sinking markets with investors spooked by aggressive US monetary tightening and surging inflation.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also declined more than 6% to $2,307.
Due to rising macroeconomic factors, the downward trend is likely to continue for the next few days,” said Edul Patel, Co-Founder & CEO, Mudrex.