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Global Market Crash Sees Ethereum and Bitcoin Hit Five-Month Low

As inflation continues to surge with Fed preparing to raise interest rates several times this year, the crypto markets have felt the brunt of the macro-economic factors.

Bitcoin and Ethereum, the two crypto market leaders, have dropped hard, as over $170 billion has been wiped off of the global crypto market cap.

Bitcoin and Ethereum Drop Hard

Bitcoin, the world’s largest crypto, has dropped by more than 8% 0ver the last 24 hours. Bitcoin is currently trading at $38,856 as of this writing, after seeing lows at $38,560.

The 24 hour price chart for Bitcoin. Source: Tradingview

In the last month, Bitcoin’s value has fallen by 20%. As a result of the price drop, Bitcoin crashed to a new five-month low. Bitcoin’s market cap now stands at $736 billion as of this writing.

Ethereum has joined Bitcoin in feeling the weight of the market crash but especially so over the last 24 hours. As a result of the afroementioned previous 24 hours, Ethereum is down by more than 9%. As of this writing, Ether is trading at $2,864 after testing a 90-day low of $2,827.

The 24 hour price chart for Ethereum. Source: Tradingview

As a result of the market crash, 185,450 crypto investors have reportedly lost all their funds. In the last 24 hours, cryptocurrency traders have lost over $715 million.

The Bitcoin and Ethereum drop coincided with the reports of losses from Wall Street. In addition, Nasdaq reports a 5% drop this week, and the S&P 500 heads into its third straight week of losses.

On the Flipside

  • Analysts have predicted that an eventual breakout is imminent in the wake of Bitcoin’s drop to $38k.

Why You Should Care

Having coincided with the decline of tech stocks, cryptocurrencies no longer exist in a bubble by themselves, as was earlier asserted.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.