Get All Access for $5/mo

The Crypto Market Crash As of May 12, the market has witnessed a downfall of almost $1 trillion worth of value in a month

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Freepik

The cryptocurrency market has witnessed a plunge in the valuation. Bitcoin, Ethereum and major cryptocurrencies have suddenly crashed. As of May 12, the market has witnessed a downfall of almost $1 trillion worth of value in a month. Bitcoin has seen a significant drop of 12 per cent within the last 24 hours. The massive downfall of Bitcoin has seen it drag the valuation of other cryptocurrencies as well as the entire crypto fraternity is sharing the turmoil of the massive crash of cryptocurrency.

Ethereum, Solana, Cardano and more cryptocurrencies have gone through steeper declines in valuation. Ethereum has witnessed a decline of approximately 22 per cent. This decline comes as a result of an announcement made by Federal Reserve of the United States that they would raise the interest rates by 50 basis points to a new range between 75 per cent and 1 per cent. This was one of the biggest rate increases in the past 22 years in the United States. The measure was implemented to temper soaring inflation.

Cryptocurrency has been a volatile market. Bitcoin has had several downfalls especially themarket crash in 2018. Even though the market has seen an uptick in fortunes, the unpredicatbale nature of the market has seen investors stray away from the market.

Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Growth Strategies

Amazon To Improve Services In Tier II, III Cities: Samir Kumar, Country Manager

The bigger share of our business is coming from Tier II,III and beyond, says Samir Kumar, country manager, Amazon India

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

News and Trends

Former Cleartrip CEO Ayyappan R Eyes Quick Commerce with FirstClub

After stepping down as Cleartrip's CEO earlier this year, Ayyappan brings his expertise from leading positions at Flipkart, including his role as chief business officer at Myntra.

News and Trends

AWE Funds to Scale Women-Led ClimateTech Initiatives with CGEF Grant

The grant will empower AWE Funds to expand initiatives, invest in women-led climate companies, enhance accelerator programs, and launch a fellowship nurturing young women professionals in climate and sustainability.

News and Trends

Multiples Private Equity Leads INR 1000 Cr Funding in Shubham Housing

With the raised funds, the Gurugram-based platform aims to propel its growth trajectory, diversifying its product offerings and strengthening its national footprint.