Crypto Market Cap Fell by $800 Billion within a Month

The global market capitalization of cryptocurrencies has dropped by $800 billion in a month amid fears that the U.S. Federal Reserve will raise interest rates and reduce its balance sheet size (Quantitative Tightening: QT), which will drain liquidity from the market.

Coinmarketcap.com, which collects prices of more than 1,000 cryptocurrencies from global exchanges, noted that the total market capitalization of cryptocurrencies fell to $1.4 trillion yesterday, down from $2.2 trillion on April 2. The market capitalization of cryptocurrencies previously reached its highest level in history at $2.9 trillion in November 2021.

Bitcoin fell below $30,000 in the early morning hours yesterday. It hit a 10-month low before recovering above $31,000.

Bitcoin has plummeted more than 50% since its all-time high of $69,000 on November 10, 2021.

Investors expect the Fed to raise interest rates by more than 2.00% this year, putting the short-term rate at 2.85% by the end of the year.

The Spot Market is Open

Wednesday, May 11, 2022

Crypto
Updated at
USD
Price

Change

%Change
11.00 BTC31,238.48-975.85-3.03
11.00 ETH2,361.74-87.59-3.58
11.00 LTC79.50-4.92-5.83
11.00 BNB318.62-11.65-3.53
11.00 XRP0.52-0.02-3.54
11.00 ADA0.63-0.06-9.05
11.00 DOT11.33-0.96-7.82
11.00 DOGE0.11-0.01-6.50
11.00 UNI6.08-0.53-8.03
11.00 LINK8.67-0.59-6.37

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