ISLAMABAD: To the disappointment of countless people in the world, the cryptocurrency has crashed to below 2018 level. Bitcoin value has dropped to $24,181 while Ethereum has fallen to $1,241 on Monday (June 13). In recent weeks, the cryptocurrencies have consistently lost their value and worth and ultimately fell to an unbelievably low level by June 13, 2022.
The market capitalisation of just two cryptocurrencies _ Bitcoin and Ethereum, has wiped our by over one trillion US dollars. Bitcoin’s market cap has fallen to $459 billion, from over one trillion dollars a few weeks ago while Ethereum’s market capitalisation has dithered to $140 billion, from over $500 billion when the crypto-market was flying high.
On Nov 10, 2021, Bitcoin has hit the record high level of $68,000 while Ethereum surged to $4,800. Like Bitcoin, Ether too lost its glory and declined to $1,241 on June 13, 2022.
Analysts said the crash of cryptocurrency would give boost to value of real estate globally in the coming weeks.
The leading crypto has been trading in a relatively tight range for weeks as crypto and stock markets have struggled to regain any notable upward momentum following a broader sell-off in May. Experts also point to the continuous war in Ukraine and concerns over tighter monetary policy by the Fed for why we’re seeing slumping prices in the stock and crypto markets.
