The cryptocurrency market is yet again experiencing a bloodbath as Bitcoin dipped nearly 8% in the market today. The Feds raised interest rates by 0.75% to “battle inflation”, the highest the U.S has ever witnessed since 1994. The inflation rate stands at 8.6% and it is the highest in 40 years. Additionally, all top cryptos are now down more than 70% from their all-time highs.
Around $1.1 trillion was wiped out from the market and the global crypto market cap has fallen below $900 billion. The leading cryptos have shed most of their profits generated last year and a majority of investors are now underwater.
Here’s How Much Leading Cryptos Are Down From All-Time Highs
Shiba Inu -90.5
The top 2 assets Bitcoin and Ethereum are down more than 70% from their ATH. In addition, the top two meme-tokens Dogecoin and Shiba Inu were down more than 90% from their all-time highs. It is highly unlikely a rebound could occur anytime soon and the market will test investors’ patience in 2022.
Where is the Crypto Market Headed Next?
The crypto market is now treading in dangerous waters as Bitcoin is balancing itself around the $20,000 to $21,000 mark. There are high chances that BTC could slip below the $20K soon and drag the market down along with it. Several financial analysts have predicted that Bitcoin could fall between $11,000 and to 18,000. Read here for a full list of analysts who predicted that BTC is headed for a dramatic fall.
At press time, Bitcoin was trading at $20,731 and is down 5.7% in the 24-hours day trade. The leading crypto has barely displayed growth this year and has been trading on the backfoot for six months straight.