The prices of several digital currencies, including Bitcoin (BTC) and Ethereum (ETH), plummeted to six-month lows on Monday amid a general sell-off. As a result, more than $1 trillion in value has now ceded from the crypto market since November last year.
Since the turn of the new year, the general prices of digital currencies across the board have been in a steady decline. Now, Monday morning saw the price of Bitcoin dip to $33,500. This latest price drop now represents a 6% decline in 24 hours for the largest crypto by market cap. In addition, Ether, which is 16% of the crypto market cap, dropped to $2,200, which is an 11% decline.
It is worth noting that both BTC and ETH are now also at their lowest price points in six months. Furthermore, they are now at 50% of their all-time high value from November. In addition, other popular digital currencies also saw similar declines in value. For instance, XRP, Cardano, Solana, and Binance’s native coin BNB fell between 8% and 12%.
Developments arising from the Federal Reserve contributed to the massive crypto sell-off. The US governing bank suggested that it may hike interest rates and revoke pandemic-era stimulus to quieten inflation.
Image Credits: Pixabay
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