The cryptocurrency market continued with a bearish trend on Monday, with market capitalisation shedding 1.1 percent to reach $2.05 trillion.
As of 1235 hours GMT, the largest cryptocurrency Bitcoin’s price went down by 0.70 percent to $41,472. With this decrease in price, the market capitalisation of the biggest crypto has reached $784.9 billion.
The world’s biggest digital asset fell for an eighth straight day, marking its longest losing streak since 2018, as the crypto market contends with new strains of Covid-19, inflation and a hawkish turn of the US Fed.
The steep sell-off, attributed to these factors, sent Bitcoin plummeting to $40,800 at one point, marking a daily decline of 2.3%. The price of bitcoin fell after the Federal Reserve sparked a broad sell-off by cautioning it may move more quickly than previously.—TLTP