The cryptocurrency market cap has slumped to an 18-month low of its own beneath the coveted $1 trillion mark.
The adverse price movements in the cryptocurrency space are yet to end, as bitcoin slumped to a new 18-month low beneath $25,000. The altcoins are in a state of freefall as well, with many of them charting more double-digit price losses. This resulted in a massive decline in the total crypto market cap, which dipped below $1 trillion today.
The US inflation news (record-breaking 8.6% YoY increase) released on Friday started a downturn for bitcoin, which initially dropped from $30,000 to $29,000 in hours.
However, what unfolded (and continues to transpire) in the following few days is significantly more violent. Bitcoin’s freefall intensified with the asset dropping to $27,000 on Saturday and $26,000 on Sunday, causing over $500 million in liquidations for two days straight.
