The fall comes after a year of gains and record highs, following changes in many factors from its increase in market cap to the effects of the COVID-19 pandemic.
The market capitalisation of the global market cap on Friday stood at $2.32 trillion with almost all major cryptocurrencies witnessing a drop in value.
Earlier, Bitcoin and other leading crypto coins witnessed a major drop in price after investors began dumping mining equipment following China’s crackdown on the cryptocurrency.
The Indian government’s public statements regarding the banning of private cryptocurrencies in India as well as it teasing the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 to be presented in the parliament have also affected the market in a major way.
Another factor that has an impact on the global stock market, as well as the cryptocurrency market is Over the last month, the Indian cryptocurrency market has been experiencing sharp falls.