Bitcoin drops 50% from peak, near lowest levels in last one year

economictimes.indiatimes.com:

Bitcoin, the largest crypto token in terms of market capitalization and dominance, dropped below the $33,400 mark on Monday. It has wiped out more than half of investors' wealth since hitting a lifetime peak of $67,566 in November 2021. According to industry players, the anticipation of a sluggish global economy, rising interest rates, inflationary worries, global economic crisis and risk aversion are key reasons dragging the price of Bitcoin lower. Vikram Subburaj, CEO, Giottus Crypto Exchange, said Bitcoin and the wider crypto markets have been affected by negative sentiment across investor groups given the hike in interest rate and the concerning inflation data globally.

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The largest token among crypto assets has been commanding a market cap of more than $635 billion with a 13 per cent rise in trading volume as Bitcoins worth more than $37.26 billion exchanged hands in the last 24 hours. Not only this, the total total market capitalization of crypto assets has dropped over 50 per cent to $1.51 trillion from $3.15 trillion, when the market was in full swing during the later end of 2021. However, despite the sharp fall in the price, the supremacy of Bitcoin among crypto tokens has increased. Bitcoin’s dominance is currently 41.64 per cent, which was around 36-38 per cent at the peak. This signals that fall in altcoins has been steeper compared to the crypto behemoth. On a weekly basis, Bitcoin has plunged about 15 per cent, data from Coinmarketcap suggested. Market experts say crypto