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Friday, Jul 01, 2022

Crypto market value drops two thirds in six months

Crypto market value drops two thirds in six months

The entire crypto market is now worth an estimated $1.12 trillion - just a third of it's value six months ago.
Investors have seen their crypto fortunes disappear in the past weeks as a massive sell off of digital assets dealt severe blows to the global market. Last Thursday alone, $200 billion was sold off from crypto markets as the value of Bitcoin and other digital currencies tanked. In the past months, nearly $1 trillion - almost half global market value for digital currencies - has been wiped out.

The downturn comes at a time when crypto investing has gained wider acceptance by the finance industry. Many analysts say the crypto market is mirroring ongoing declines in traditional markets that have been hit by rising inflation and a spike in interest rates.

So can cryptocurrencies make a comeback, and is more scepticism warranted? Diehard investors are choosing to weather the storm and remain optimistic that crypto adoption will continue to grow. And in the face of global economic uncertainty, more traditional investors may continue looking to crypto to diversify their assets.
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