Bitcoin, Ethereum crash over 70% from peaks; crypto investors lose over $2 trillion in 8 months

economictimes.indiatimes.com:

If we compare the notional value lost, only eight countries have a GDP more than what the crypto market eroded in less than three quarters. Countries like Canada and Italy have a GDP of little more than $2 trillion, whereas Brazil's GDP stood at $1.83 trillion. The total market capitalization (m-cap) of the digital market is marginally above the $1 trillion mark, which was more than $3 trillion at its peak in November 2021.

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Bitcoin, the largest crypto token, is barely above the $25,000 level. It has dropped more than 20 per cent over the weekend, with its market cap slipping below $500 billion or half a trillion. Its largest peer, Ethereum, has barely managed to hold the $1,300 mark, with total valuation just above $160 billion. Both the tokens are down about 70 per cent from their peaks. Bitcoin's dominance in the total market cap has been about 47.25 per cent, which shows that altcoins are left with value worth merely a few billion dollars. Market participants are linking the weakness in the crypto market closely with the traditional asset class. Shivam Thakral, CEO, BuyUcoin said after the consumer price index reported the highest inflation since 1981, financial markets across the globe have seen a sharp downturn. The rising food, gas, and energy prices are putting tremendous pressure on the crypto market, he added. «The market is expected to remain choppy in the coming weeks and the globe continues to report high inflation numbers.» Anndy Lian, Chairman, BigONE Exchange said the weakness is amplified by traditional institutions who