Daily Times

The cryptocurrency market tumbled on Thursday due to expectations of tightening monetary policy in the US and a hack attack a day earlier, resulting in a crypto theft worth more than $320 million.

As of 1305 hours GMT, the market capitalisation shed 5.6 percent to reach $1.76 trillion. The largest cryptocurrency Bitcoin’s (BTC) price shed 5.43 percent to reach $36,622. With this decrease in price, the market capitalisation of the biggest crypto has reached $693 billion.

Bitcoin price decreased by 1.1 percent during the last seven days and briefly plunged below $33,000 last week to its lowest level since July. It is still down almost 48 percent from a record high of nearly $69,000 in November.

Ether, the world’s second-largest cryptocurrency by market capitalisation, came down by 6.96 percent to reach $2,609. With this decrease in price, the market capitalisation of ETH has reached $307 billion. Ether has gained 5.6 percent of its value over the last seven days while the crypto has almost halved in value since reaching its peak in November.

Following suit, XRP price went down by 5.16 percent to reach $0.598. The market capitalisation of XRP stands at $59.8 billion with this decrease. XRP has shed 3.9 percent during the last seven days.

Likewise, Cardano (ADA) price decreased by 4.68 percent to hit $1.03. Its market capitalisation has reached $34 billion with this decrease. ADA shed 4.7 percent in the past seven days. ADA has come back to the zone above $1, which is good for bulls. If buyers can hold this mark and the trading volume increases, the current accumulation may be a prerequisite for further growth to the zone of the most liquidity around $1.30.

Similar was the case with Dogecoin (DOGE) whose price decreased by 6 percent to reach $0.136. With this decrease in price, the market capitalisation of DOGE has reached $18 billion. DOGE has shed 5.6 percent during the last seven days.

One of the most popular bridges linking the Ethereum and Solana blockchains became a victim of a hack attack on Wednesday resulting in a crypto theft worth more than $320 million. Developers representing Wormhole confirmed the exploit on its Twitter account, saying the network bridge is currently down while the team investigates a potential exploit. The official website says that the portal is temporarily unavailable. Wormhole is a protocol that lets users move their tokens and NFTs between Solana and Ethereum.