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

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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

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