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
News and Trends

Dee Piping Goes Public: Announces Initial Public Offering

Dee Development Engineers Limited, commonly known as 'Dee Piping,' has announced its transition into a public limited company.

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

News and Trends

Unifi Capital Launches Two New Funds at GIFT City

Rangoli India Fund and G20 Portfolio are the two new funds launched by Unifi Capital, via its subsidiary UIML in GIFT City, to expand international investment opportunities.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.

Culture

I've Grown a High-Performing Team in Just 2 Years — Here's are 5 Growth Strategies I Learned

A team's strength lies in its people's individual skills and how they synergistically come together.

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.