The cryptocurrency markets experienced their worst declines since December’s flash crash. More than $200 billion has been wiped from the crypto market’s global market capital.

Market cap for the past 6 months. Source: Tradingview

Global crypto market capitalization has fallen to its lowest point since September 2021. This is due to the drop in cryptos by more than double the amount. A slump this large has been associated with certain events, even though crypto markets can be volatile.

Fed Report Sparks Market Slump

In December, reports from the Federal Reserve’s December FOMC session suggested that the United States would be halting its stimulus efforts and increasing interest rate in 2022. Global stock markets fell after the report was confirmed.

After joining the global stock exchanges hours later, crypto market volatility was again highlighted. Over 10% of crypto markets’ cumulative value has fallen. Now, the market has $2.035 Trillion. It was valued at $3 trillion as of November.

The last 24 hours

Now trading at $42,981

Bitcoin price chart 24 hours (BTC) Source: Tradingview

It is currently trading at $3.374 and has dropped 11%

Chart of Ethereum’s 24 Hour Price (ETH) Source: Tradingview

(BNB) is down 9% and now trades at $465.5

Binance (BNB) price chart for 24 hours Source: Tradingview

Has lost 12% and is now trading at $148.46

Solana’s 24 hour price chart (SOL). Source: Tradingview

(ADA), has fallen 8.5% and is trading at $1.21549

Cardano’s 24 hour price chart (ADA). Source: Tradingview

(XRP) lost 8.4%. Now trading at $0.75525

Ripple’s 24 hour price chart (XRP). Tradingview

(LUNA) is now at $75.895 after losing 11%

Terra (LUNA) price chart for 24 hours Source: Tradingview

(DOT), has suffered a 13.5% loss, trading now at $26.0216

The Polkadot 24 Hour Price Chart (DOT). Source: Tradingview

The mining of Bitcoins in Kazakhstan could also be a reason behind the decline. Following growing protests sparked by fuel costs in Kazakhstan, the government cut off the country’s internet access. As it did, more than 18% of the world’s bitcoin hashrate disappeared.

To The Flipside

• Many investors remain positive despite the major selling. Many suggest that investors should be cautious about predicting the future. Bitcoin could reach $100k by the end of this year.

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