Highlights

  • Cryptocurrency market cap dropped to $1.67 trillion
  • Ethereum fell to trade at $2,500

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Crypto carnage: Bitcoin below $35,000, crypto bets down 50% in value

Financial markets across the globe are facing the heat as the central banks start to increase rates amid rising inflation.

Bitcoin, the dominant cryptocurrency, fell below the $35,000-level as the global markets see harsh selling amid risk aversion by investors.

Bitcoin was trading near $34,084 on Monday morning, as per the data from CoinGecko.

The largest cryptocurrency has halved from its peak price of $67,802.30 in November 2021.

Financial markets across the globe are facing the heat as the central banks start to increase rates amid rising inflation.

Ethereum was also down over 10 percent in the last week as it was trading at $2,500.

The total market value of cryptocurrencies, which crosses $3 trillion in November 2021, has now slumped to $1.67 trillion.

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