The cryptocurrency market capitalization fell below a trillion dollars
The steep decline in cryptocurrency prices has led to the fact that the total market capitalization has begun to decline. Now the price is less than a trillion US dollars.
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Now, the capitalization indicator is kept at more than 950 billion dollars, but on the night between June 13th and 14th, it fell below nine hundred billion.
The last time such recorded data occurred was in the middle of winter 2021.
According to financial analysts from Blofin, such spikes and fluctuations in the financial markets are due to a fall in investors’ confidence in risky assets amid the fact that inflation in the US has dramatically accelerated. Retaliatory measures to tighten monetary policy also play a role. In their opinion, inflation turned out to be much higher than expected, which frigthened investors.
It should be noted that inflation in the United States of America now has reached a record 8.6%. The last time such a value was fixated was in December 1981.
Also, two-year Treasuries showed a yield of 3.22%, the highest level since 2007. The value even exceeded the indicator of 10-year Treasuries (debt obligations of the US government) for a short time.
Investors have concerns that the FTS will play even tougher and is taking aggressive actions to curb inflation growth. An inversion of the yield curve usually signals that a recession is approaching.
Blofin noted.
As for earlier figures, at the start of the week, Bitcoin crossed the 18-month low in terms of price per coin, and the price continued to fall. The cost of the cryptocurrency was $23,048 apiece. As of this writing, Bitcoin is trading at $22,596 apiece and Ethereum at $1,231 per coin.
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