The overall value of cryptocurrency plunged on Sunday, falling by $270 billion as investors cashed out of risky assets.
Bitcoin, the world’s largest cryptocurrency, recorded an 11% drop and Ether a 21% drop. Binance’s BNB is also down 15% and Solana is down 10%.
The plunge in cryptocurrencies is part of a broader fall in equities in the Asia-Pacific market and US. Japan’s Nikkei 225 has fallen by 7% after losses last week and the Bank of Japan’s announcement that it would increase its interest rate to its highest level in 16 years. The US Nasdaq fell by 3.4%, with significant contributions to the decrease coming from Amazon and Nvidia. Disappointing economic performance in the US, including a poor jobs report, growing unemployment and decline in the manufacturing sector, is also to blame.
Bitcoin’s price is now the lowest it’s been since February, at $54,000, which is still a 23% increase this year.
Ether fell to around $2,300, wiping out all of the currency’s gains for the year.
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