The cryptocurrency market plunged on Thursday, with market capitalisation shedding 8.6 percent to reach $2.15 trillion. As of 1220 hours GMT, the largest cryptocurrency Bitcoin’s price went down by 7.42 percent to $42,750. With this decrease in price, the market capitalisation of the biggest crypto has reached $808.9 billion. Bitcoin has slumped to the lowest level since its December flash crash, as growing expectations of rising borrowing rates weighs on some of the best performing assets over the past few years. That pushed the price to the lowest since it touched $42,296 during a weekend crash at the start of last month. Bitcoin has surged by about 500 percent since the end of 2019, after stimulus measures put in place during the Covid-19 pandemic. Ether, the world’s second-largest cryptocurrency by market capitalisation, tumbled by 11.96 percent to reach $3,335. With this decrease in price, the market capitalisation of ETH has reached $392 billion. Ether took out its own flash-crash bottom to reach a price not seen since October 13. On the other hand, XRP price went down by 9.62 percent to reach $0.746. The market capitalisation of XRP stands at $74.6 billion after this decrease. Cardano (ADA) price edged lower by 9.60 percent to hit $1.20. Its market capitalisation has reached $39.5 billion with this decrease. Following suit, Dogecoin (DOGE) price also went down by 7.61 percent to reach $0.156. With this decrease in price, the market capitalisation of DOGE has reached $20.7 billion. The recent swings in cryptocurrencies come amid a volatile period for financial markets. Spiking inflation is forcing central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets. Other sectors of the cryptocurrency world are also under pressure. Bitcoin mining stocks took a beating as analysts reconsider their outlooks after a record-breaking year.