Crypto assets shed $800 billion in market value in a month – Reuters
- Date: 11-May-2022
- Source: Reuters
- Sector:Financial Markets
- Country:Middle East
Crypto assets shed $800 billion in market value in a month – Reuters
May 10 (Reuters) - Crypto assets bled nearly $800 billion in market value over the past month, touching a low of $1.4 trillion on Tuesday, according to data site CoinMarketCap, as the end of easy monetary policy diminishes appetite for risk assets.
Bitcoin , which makes up for nearly 40% of the crypto market, hit a 10-month low earlier on Tuesday, before rebounding to $31,450, just six days after touching $40,000. It was more than 54% below its Nov. 10 all-time high of $69,000.
Digital asset prices have slumped, mirroring a plunge in equities on fears of aggressive interest rate hikes across the globe to stave off decades-high inflation. The tech-heavy Nasdaq (.IXIC) was down 28% from its November 2021 record high. read more