The crypto market has lost 23% is equivalent to $ 590 billion market value
The market value of global cryptocurrencies has fallen by 23% and equivalent to $590 billion in the last five days. The market capitalisation stood at $1.97 trillion on Monday, as against $2.56 trillion on May 12, according to CoinMarketCap.
Bitcoin hit a three-month low after Elon Musk hinted in a Twitter exchange that Tesla sold or may sell its Bitcoin holdings. However, Bitcoin has fallen roughly 35% since hitting all-time high in mid-April as comments.
Bitcoin on Monday fell below $43,000 to its lowest point since February while other crypto prices suffered as well. Ether, the token of the Ethereum blockchain, was down nearly 8%, Cardano-ADA sank 10%, and Binance Coin fell about 9%. Dogecoin gave up 7%.
Crypto market crash is a common phenomenon and the crypto markets are highly volatile. Price corrections like these happen every few months. Many coins such as Matic, Ripple and Cardano are seeing significant gains. Bitcoin, Ethereum are also up from their lowest price this week. Many crypto groups on Reddit believe the crypto market today is looking bullish.
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