The global cryptocurrency market peaked at $2.9 trillion in November 2021, but it has faltered so far this year. It has lost $1 trillion in value in the last two months alone as investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.
The largest cryptocurrency, bitcoin BTC=BTSP, was down more than 10% on the day, falling to an 18-month low of $23,750. It is down by around 50% so far this year. Smaller coin ether ETH=BTSP fell over 15% to $1,210. "As inflation proves to be an even trickier opponent to beat than expected, Bitcoin and Ether are continuing to get a severe bruising in the ring," said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
"They are prime victims of the flight away from risky assets as investors fret about spiralling consumer prices around the world."
That’s fine but where’s Monopoly money holding at currently?
Now, I wonder what the followers of the psychopath that kept telling them it was a hedge against inflation are saying today. Imagine if the Cdn dollar dropped 16% over the weekend....
this decade's 'beanie babies'
Do stupid thing win stupid prize.
Ponzi schemes are less popular during recessions
Don't worry bitcoin folks everything is good . Crypto lending firm Celsius said Sunday that it would pause withdrawals on its platform, citing market conditions as the price of Ether and other cryptocurrencies tumbled.