The crypto market has continued to plummet after a weekend of losses.
Major cryptocurrencies bitcoin and ethereum both crashed over 12% as a painful month for holders continued.
Bitcoin is currently valued at US$31,100 – its lowest point since July 2021.
It’s almost a loss of over 50% of its all time high, reached in November 2021.
Bitcoin’s loss has been echoed by the rest of the top ranked cryptos, with Solana and Cardano the worst hit, both down around 16 percent since yesterday.
While the recent crash has been severe so far, experts warn that it could be just the beginning of a wider mass correction.
Bitcoin’s performance remains correlated to the wider market performance, which means that it could be a tough road ahead for the flagship digital currency.
Also Read: Why will Warren Buffett never Invest in Bitcoin?
The stock market continues to struggle amidst rising inflation and interest rate hikes.
Moreover, China’s most recent Covid lockdowns have added to fears over the impact of rising US interest rates and surging inflation, which has also sent shares stumbling.
Lockdowns, across several Chinese cities, have put increased pressure on supply chains over recent months and has further pushed global inflationary pressures.
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Data Source: CoinMarketCap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
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