As major digital coins continue their multi-day selling spree, the cryptocurrency market lost around $130Billion in value.

BitcoinAt 6:50 a.m., it was at $33,352.50. This is a drop of around 6%. ET was the lowest level since July 24, 2020, CoinDesk data shows. Bitcoin has fallen 51% from its November record high.

EtherAccording to CoinDesk data it plunged by 12% to $2.218.37. It was its lowest level since late August. Ether is now 53% lower than its Nov. 2021 record high.

Correlations have been established between cryptocurrency movements and each other. selling seen in higher-risk assets like technology stocksAs investors plan for tighter U.S. Federal Reserve Monetary Policy and higher Interest Rates,

Vijay Ayyar was vice president for corporate development, international expansion and BTC (bitcoin). They have been responding much more violently given the asset type. We’re likely test 30-32K, according to current sentiments and momentum.

Ayyar indicated that bitcoin holdings above $30,000 over a longer timeframe, like one week could indicate that there is a potential base to form at these levels prior to the market moving higher.

Ayyar said that the market will need to be “truly bullish” for a long time due to the low level of confidence in the markets.

Investors also face higher inflation. Bitcoin supporters often claim that the digital currency is an inflation hedge, however this theory hasn’t held water. Analysts saidA Fed that is more hawkish may be a danger to the cryptocurrency market.

Investors continue to evaluate the effects of regulation on the cryptocurrency marketplace. Russia’s central bank last week proposed a new regulation. banning the use and mining of cryptocurrencies.