The cryptocurrency market hasn’t had a very good year so far in 2022. Bitcoin has lost 16 percent since the beginning of the year, while Ethereum has lost 22 percent. Bitcoin and other coins resumed their downward trend Wednesday, with Bitcoin falling to its lowest level in the previous five months, currently trading at $35,573. Ethereum, the second most popular asset, is presently trading at $2,471.
Bitcoin has dropped by 48% from its all-time high of $69,000 in November 2021. Since then, this drop, combined with a drop in other assets, has resulted in the market losing about $1 trillion.
Various cryptos have together wiped away a market worth of roughly $150 billion in the previous 24 hours, with the global market cap falling 9.28 percent to 1.63 trillion as per the reports by CoinMarketCap.
With Bitcoin down 8.41 percent and Ethereum down 12.93 percent since yesterday, most cryptocurrencies were in the red, with the exception of a few stablecoins named among the Top 100 largest digital assets. Other prominent currencies, like Cardano, have dropped 8.95 percent in the previous 24 hours, while Solana has down 17.62 percent.
What spiked the crypto carnage?
Central Russian Bank recently announced its intention to impose a blanket ban on cryptocurrency trading, circulation, mining, and other related activities, causing widespread concern, given that Russia is the world’s third-largest mining hub.
Furthermore, the Biden administration, together with the US Congress, is paying closer attention to the effects of these assets, as the administration prepares to announce a comprehensive policy covering a variety of digital assets.
In the past 24 hours, 330,834 traders liquidated roughly more than $1 billion as per the reports by Coinglass. Bloodbaths are not a newbie to long-term crypto hodlers. Bear runs and market crashes test the sentiments and rises the uncertainty among many investors.
But remember that when one sells, someone else buys. Even during uncertain times, it’s evident that whales keep accumulating crypto. So take a step back, keep the sentiments away because crypto is not a quick rich scheme.