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Bitcoin and Ethereum took a nosedive, wiping out $367 billion in value. If you blinked, you might have missed the chaos.
Bitcoin and Ether led a market sell-off on Monday as the combined crypto market cap fell below $2.1 trillion.
Bitcoin dropped below $61,000 while Ether fell below $2,600 as the sell-off in major cryptocurrencies continued.
The sell-off in Bitcoin and Ether began last week after the United States Federal Reserve announced plans to start reducing its support for the pandemic-hit economy.
As the central bank begins tapering its bond purchases, investors are pulling out of riskier assets like cryptocurrencies.
The sell-off in Bitcoin and Ether also comes amid a broader sell-off in global markets.
Major stock indices fell on Monday as investors worried about rising inflation and the impact of the Federal Reserve's tapering plans.
Cryptocurrency markets have been closely following broader markets this year, and the sell-off in stocks is putting pressure on Bitcoin and Ether.
Bitcoin is still up over 40% for the year, but Ether has gained over 120%. Both cryptocurrencies are trading well below their record highs hit earlier this year.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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