The cryptocurrency market witnessed a sharp decline in the last 24 hours. Bitcoin, Ethereum, Binance Coin, and Dogecoin fell significantly on Monday.
According to CoinMarketCap, the global cryptocurrency market cap fell by 3.60% till 2:20 pm. Due to this steep drop, the market cap declined from Rs 3.73 lakh crore to Rs 3.59 lakh crore, causing investors to lose ₹12.43 lakh crore in the last 24 hours.
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The world’s most valuable cryptocurrency, Bitcoin, registered a sharp fall of 3% during the same period.
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Over the weekend, Bitcoin touched $1,11,000, but by Monday noon, it was trading at $107,759, while Ethereum dropped by 4% in the last 24 hours. Ripple, Binance Coin, Solana, Dogecoin, and other major cryptocurrencies slipped by more than 6%.
Last week, Ethereum declined by 11.58%, while Bitcoin fell by 6.58% during the same period. Altcoins collectively dropped by 16% over the week.
The decline in the cryptocurrency market is believed to be driven by the strengthening of the US dollar and the recent changes in the Federal Reserve’s interest rate policy. Investor activity also played a major role in the drop. In fact, large investors reportedly sold Bitcoins worth $600 million. Exchange data showed that selling pressure intensified over the weekend.