Cryptocurrencies are not seeing a sigh of relief and have come down sharply lower. As of writing this copy at around 3:00 pm, bitcoin-the largest crypto is trading at $20,161, sharply lower by close to 10% over the previous day. There is a sea of red across all cryptos considered to be the topmost by Coindesk.
The worst fall is seen in Ethereum blockchain backed Ether and Polygon which are down by 15% each. Similarly, memecoins like Dogecoin and ShibaInu are down by up to 9%.
On the sharp plunge that is continuing for quite some time now, the total global crypto market has fell below $1 trillion, the lowest since February 2021.
Why bitcoin and other cryptos are falling relentlessly?
As though we have seen sell-off equities and it is having the cascading effect on digital currency space too. In the highly uncertain and volatile environment, investors are pulling out their funds from riskier assets and hence there is seen a drawdown in the crypto world too.
Also, as per the CNBC report, there are concerns surfacing also as the solvency of Celsius and Binance withdrawal pausing has come into picture.
From an all time high of around $69K hit on the bitcoin in November last year, it has come down tremendously lower.