Bitcoin and Ether Drop to 6-Month Lows as Crypto Crash Wipes Hundreds of Billions From Market

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Topline

Bitcoin and ether prices fell to their lowest level in six months on Monday morning, continuing a sell-off in major cryptocurrencies that has caused the market to lose more than $1 trillion in value since November.

Bitcoin’s value was down on Monday.

Getty Images Key Facts

The price of bitcoin, which makes up nearly 40% of the crypto market and is the most valuable cryptocurrency by market capitalization, fell to around $33,500 on Monday morning, down more than 6% from 24 hours before.

Ether, the second most valuable cryptocurrency and about 16% of the overall market, fell more than 11% to around $2,200.

Both cryptocurrencies are at their lowest levels since July last year and have lost about half of their value since hitting record highs in November.

Other major tokens, including XRP, cardano, solana, and Binance’s BNB, have seen similarly large declines over the past 24 hours, ranging between around 8% and 12%.

Losses continue a multi-day rout for major tokens like bitcoin (down 23% in the past week), ether (35%), Binance’s BNB (32%), cardano (31 %) and solana (45%).

Key Context

The Federal Reserve sparked a crypto selloff when it signaled it could fight inflation by moving faster to remove pandemic-era stimulus and raising interest rates. The market has been in steep decline since hitting record highs of over $3 trillion in November and over $1 trillion has been wiped out in the weeks since. It is now worth around $1.59 trillion, according to CoinGecko.

Further reading

‘Looking Ugly’: Crypto Market Crash Intensifies After $300 Billion Selloff: How Low Can Bitcoin Prices Go? (Forbes)

Major cryptocurrencies including Bitcoin and Ethereum fall after Fed minutes signal impending interest rate hike (Forbes)

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