$200 Billion Wiped Out From Crypto Market As Bitcoin, Ethereum & Other Cryptos Fall Big!

As ¡®extreme fear¡¯ grips crypto traders, many cryptocurrencies, including major ones like Bitcoin, Ethereum, Dogecoin etc have fallen sharply.

After the biggest rate hike by the US Federal Reserve in nearly two decades, around $200 billion has been wiped out from the crypto market in just a matter of days, as per a report in Forbes.

Bitcoin on Sunday slipped below $35,000 per coin, as the global crypto market went through a massive slump of over 4.5% in the past 24 hours to $1.66 trillion. Bitcoin has been down more than 20% since the beginning of this year, as per IANS.

Yesterday, Bitcoin was hovering around $34,400 and Ethereum, which is the second-largest cryptocurrency, plunged 4.8% to $2,545.

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Also Read: Elon Musk Says Dogecoin Is Better For Transactions Than Bitcoin

Dogecoin prices were trading about 1.2% lower at $0.12 whereas Shiba Inu was down by over 4.9% to $0.00001887, as per IANS.

All this comes after the US Federal Open Market Committee (FOMC) last week voted to raise interest rates by 0.5%, marking its biggest upward adjustment in over two decades.

Its Chairman Jerome Powell said they raised interest rates to combat inflation.

Bitcoin's price has fallen by over 40% since November 2021, reports Cointelegraph.

Recently, Bitcoin finished the month of April down by 17%, making it the worst monthly performance this year.

According to a new report by CryptoAssetRecovery.com, between $272 million to $545 million of Bitcoin will be lost this year.

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Also Read: Crypto Will Collapse One Day, Says Rakesh Jhunjhunwala

And as per a morning report in Reuters today, Bitcoin dropped to as low as $33,266 in morning trade.

This week's bitcoin and crypto crash has triggered a sharp fall in market sentiment, as measured by the Bitcoin Fear and Green Index which collects data from social media posts, surveys, volatility and trading volume, as per Forbes.

The gauge has now fallen into "extreme fear" territory, dropping further after trending lower through April.

Stock markets have also continued to lose ground in recent weeks with Nasdaq recording its longest weekly losing streak since 2012. Whereas India¡¯s stock market too, has been bleeding red.

Also Read: Multi Billionaire CEO Of World's Largest Crypto Exchange Says 'I Am Not That Rich'

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