Daily Times

The cryptocurrency market continued with a bearish trend on Monday, with market capitalisation shedding 1.1 percent to reach $2.05 trillion.

As of 1235 hours GMT, the largest cryptocurrency Bitcoin’s price went down by 0.70 percent to $41,472. With this decrease in price, the market capitalisation of the biggest crypto has reached $784.9 billion. The world’s biggest digital asset fell for an eighth straight day, marking its longest losing streak since 2018, as the crypto market contends with new strains of Covid-19, inflation and a hawkish turn of the US Fed. The steep sell-off, attributed to these factors, sent Bitcoin plummeting to $40,800 at one point, marking a daily decline of 2.3pc.

The price of bitcoin fell after the Federal Reserve sparked a broad sell-off by cautioning it may move more quickly than previously expected to reverse policy meant to bolster the economy during the pandemic, and experts forecast the latest crypto market drawback is likely to go on for weeks.

Ether, the world’s second-largest cryptocurrency by market capitalisation, tumbled by 0.63 percent to reach $3,092. With this decrease in price, the market capitalisation of ETH has reached $364 billion.

On the other hand, XRP price went down by 1.00 percent to reach $0.741. The market capitalisation of XRP stands at $74 billion with this decrease.

Similarly, Cardano (ADA) price lowered by 1.49 percent to hit $1.15. Its market capitalisation has reached $37.8 billion with this decrease.

Following suit, Dogecoin (DOGE) price remained on the downward slide and shed 1.01 percent to reach $0.149. With this decrease in price, the market capitalisation of DOGE has reached $19.8 billion.

The latest retreat is also attributed to a sudden drop in the global computing power of the Bitcoin network in the wake of Kazakhstan’s internet shutdown, implemented to quell the current uprising. Kazakhstan became home for a growing number of crypto-mining operations after China ordered a crackdown on the practice, ousting most of its crypto miners.