Led by a decline of 11% in bitcoin in the last 24 hours and a 21% slump in ether, the overall value of crypto currencies declined by around $270 billion
The crypto currency market plunged in value on Sunday, as investors continued selling out of risky assets.
Led by a decline of 11% in bitcoin in the last 24 hours and a 21% slump in ether, the overall value of crypto currencies declined by around $270 billion, as per CoinGecko data.
The selloff in the crypto market coincided with a wider decline in equities in Asia-Pacific markets. Japan’s Nikkei 225 slid 7%, extending losses that began last week, after the Bank of Japan announced it would raise its benchmark interest rate to the highest level in 16 years.
In the U.S. the Nasdaq slipped 3.4% last week into correction territory, capping off the tech-heavy index’s worst three-week stretch since September 2022, when the market was in freefall. Amazon and Nvidia contributed to the declines.
Bitcoin’s price has hit its lowest since February. The world’s biggest crypto currency is trading at nearly $54,000. It’s still nearly 23% higher this year.
The price of ether, the native token underpinning the ethereum blockchain, declined to nearly $2,300 and has erased its gains for the year. Binance’s BNB token was more than 15% lower and solana is trading 10% lower.
Investors are also looking out for fresh trade data from China and Taiwan this week, as well as central bank decisions in both India and Australia.
The latest crypto wipeout will be felt by a wider base of investors after the U.S. Securities and Exchange Commission this year approved new spot ETFs for bitcoin and ether. The ETFs have seen hundreds of millions of dollars flow into the coins.
