November 16 2022

Over the last day, the cryptocurrency market lost $130 billion

Bitcoin has tumbled 51% from its all-time peak in November

The cryptocurrency market has lost $130 billion over the past 24 hours amid falling bitcoin and ether prices, according to CoinDesk data, FinMarket writes.

Track all the movements here:

Bitcoin fell 6% to $33,352 as of 2:00 p.m. The cryptocurrency is at its lowest since July 24, 2021, and is down about 51% from its all-time peak in November.

The price of ether fell by 12% to $2,218, which is also the lowest since July last year. Since November, when the ether rate reached a record high, the cryptocurrency has lost about 53%.

The dynamics of cryptocurrency quotes generally correlate with the sell-off of high-risk assets, such as shares of technology companies, for example. This is happening against the background of investors’ preparation for a tighter monetary policy by the US Fed and an increase in interest rates.

“Bitcoin and cryptocurrencies are reacting more sharply given the nature of the asset itself, and the market is most likely to test the $30,000-$32,000 mark given the current sentiment and momentum,” said Luno’s VP of cryptocurrencies, Vijay Aiyar.

He also added that if Bitcoin holds above $30,000 for more than a week, then a base could be formed to hold at that level until the market rises in the future.

“But it will take some time for the market to enter the bullish phase, given the lack of confidence,” the expert noted.

Digital currencies are often used as a tool to hedge inflation risks, but analysts note that the possibility of a more hawkish stance by the Fed could be a negative factor for Bitcoin and other cryptocurrencies. Learn more –

Meanwhile, investors are also affected by possible new regulatory rules. In particular, last week, the Central Bank of Russia proposed to ban such transactions with cryptocurrencies as mining, issue, circulation, and exchange.


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Elle Gellrich