Cryptocurrency is under the weather

Today, crypto assets have suffered the sharpest daily decline. Bitcoin has been in a downward trend for many weeks, but now it has fallen below $24,000 for the first time since 2020, losing more than 12% overnight.

The situation with altcoins is even worse, for example, ethereum reached $1220, losing more than 15% that day. The cryptocurrency market lost more than $150 billion just over the weekend and Monday morning, falling below $1 trillion for the first time since January 2021.

One of the reasons of such serious drop is the disclosure of data showing US inflation hitting a fresh 40-year high. According to experts, tightening of the policy on related assets by central banks in many countries also negatively affects the cryptocurrency market. It is predicted that the drop in rates will continue at least this week.