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Home Cryptocurrency

The market value of crypto assets dropped by $800 billion in just one month

Tech Gist Africa by Tech Gist Africa
05/16/2022
in Cryptocurrency, Digital Assets, Digital Currency, Digital payments, Stock, The Big 5, World News
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According to data site CoinMarketCap, crypto assets have lost roughly $800 billion in market value in the last month. 

Prices of digital assets have fallen, reflecting a drop in equities amid fears of aggressive interest rate hikes around the world to combat decades-high inflation. 

The Nasdaq (.IXIC), a tech-heavy index, was down 28% from its all-time high in November 2021. 

Bitcoin, which accounts for roughly 40% of the cryptocurrency industry, just hit a 10-month low of $31,450. It was down more than 54% from its all-time high of $69,000 on November 10th. 

Investors were also alarmed by signs of weakness in stablecoins, which are normally safer cryptocurrencies. TerraUSD, the fourth-largest stablecoin in the world, lost a third of its value after losing its dollar peg. 

Despite bitcoin’s price drop, funds and products related to it saw $45 million in inflows last week as investors took advantage of price weakness, according to research by Coinshares. 

According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in early November.

 

Read more on Tech Gist Africa:

More than $1 trillion has been wiped off the valuation of the world’s largest technology companies

Cryptocurrencies and other digital assets will be banned as payment in Thailand starting in April

U.S. President Joe Biden orders government to study digital dollar and other cryptocurrency risks

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