- Bitcoin Price Drops About $23,489
- Market experts say Bitcoin could fall further.
- Many countries are also enacting laws regarding the crypto space.
Cryptocurrency market cap falls below $1 trillion – Bitcoin Chart News
The cryptocurrency market continued its decline as the price of the most valuable cryptocurrency, Bitcoin, fell to nearly $21,000. The cryptocurrency’s market cap fell to its lowest level in nearly 18 months, largely due to the selloff. It was around $3 trillion in November but has now fallen to less than $1 trillion.
Bitcoin, the largest cryptocurrency by value, has fallen to around $23,489. According to data from CoinGecko, it is down by about 27% in the past seven days. The main reason for the decline in the cryptocurrency market is the macroeconomic situation. Monthly consumer price index (CPI) inflation data from the US Bureau of Labor Statistics showed inflation rose about 8.6% in May from a year earlier. This is the highest level in 40 years. Separately, Terra’s collapse caused a market sell-off that cost investors millions of dollars. A sell-off in the market was also triggered by information about the weak financial health of some crypto companies.
Bitcoin Chart News
Investors should stay away from risky assets. This was reflected in the fall in global stock markets. Market experts say that bitcoin could fall further and reach around 20,000. However, the current price is assessed as a good buying opportunity for long-term investors.
Also read :- Crypto Price : Bitcoin and Ethereum prices down 16%
Cryptocurrencies are having a tough time. “The market cap of the crypto market is expected to exceed $10 trillion in the coming years, but the industry remains a volatile and risky asset class,” said CoinBasket, co-founder of crypto investment platform. Therefore, investors should only use 5. -10% of their savings for this purpose. “All countries have laws on the cryptocurrency sector. Regulators have also emphasized increased scrutiny in this area. China banned bitcoin mining last year and increased its cryptocurrency-related activities.