Bitcoin crashes to $37,811 as cryptos’ cap falls below $2tn mark

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The cryptocurrency market crashed on Friday, with market capitalisation losing 9 percent to reach $1.91 trillion.

The massive slump has resulted in a loss of around $233 billion sending the total market cap plunging below $2 trillion for the first time since late September. As of 1300 hours GMT, the largest cryptocurrency Bitcoin’s price decreased by 9.88 percent to reach $37,811, a six-month low. With this decrease in price, the market capitalisation of the biggest crypto has reached $716 billion. Experts had warned previously that bitcoin might fall below $40,000 due to concerns of pending interest rates hike and crypto ban proposal set in place by the Russians.—TLTP

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