At the time of writing, Bitcoin is trading at $19,357 on CoinMarkerCap, down 7.12% over the prior 24 hours and 33.13% over the past 7 days. In the past 24 hours, Bitcoin has at one point dropped to just $18,732.
CoinMarketCap data showed that Bitcoin trading volume over the past 24 hours was over $32.7 billion. The market cap of this largest cryptocurrency currently reaches 366 billion USD.
Many other cryptocurrencies also plummeted following the collapse of Bitcoin. Ethereum, the second largest cryptocurrency by market cap, also fell 7.77% to $1,007 over the past 24 hours, its market cap was only $122.2 billion; BNB fell 6.13% to $204.18; XRP fell 5.6% to $0.3087; Solana drops 5.51% to $29.5; and more. The total market cap of all cryptocurrency is now only 849 billion USD, down 5.82% over the past 24 hours.
Bitcoin has slid for nearly 14 straight weeks, falling from nearly $49,000 in March to under $20,000. Many investors are selling Bitcoin to minimize their losses and that has caused the cryptocurrency to plummet and still shows no sign of stopping.
The Federal Reserve said it would increase its key interest rate by three quarters of a percentage point to a range of 1.5% to 1.75%. Worry about the rise of interest rate has caused a sell-off on the crypto market and also the stock market.
Bitcoin and many other cryptocurrencies plummeted after the world’s largest crypto lender Celsius (USA) halted all withdrawals, swaps and transfers between accounts, raising concerns that the crypto market will collapse.
Bitcoin almost hit $70,000 last November with many predictions that this cryptocurrency would quickly hit $100,000. However, the crypto market has been steadily declining since the beginning of the year. Bitcoin has lost more than 60% of its value since its peak last year. A number of crypto exchanges have laid off employees amid the recent market crash such as Coinbase, BlockFi, Crypto.com, Gemini, and so on.
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