According to data site CoinMarketCap, crypto assets have lost roughly $800 billion in market value in the last month.
Prices of digital assets have fallen, reflecting a drop in equities amid fears of aggressive interest rate hikes around the world to combat decades-high inflation.
The Nasdaq (.IXIC), a tech-heavy index, was down 28% from its all-time high in November 2021.
Bitcoin, which accounts for roughly 40% of the cryptocurrency industry, just hit a 10-month low of $31,450. It was down more than 54% from its all-time high of $69,000 on November 10th.
Investors were also alarmed by signs of weakness in stablecoins, which are normally safer cryptocurrencies. TerraUSD, the fourth-largest stablecoin in the world, lost a third of its value after losing its dollar peg.
Despite bitcoin’s price drop, funds and products related to it saw $45 million in inflows last week as investors took advantage of price weakness, according to research by Coinshares.
According to CoinMarketCap, the total crypto market worth was $2.2 trillion on April 2, down from an all-time high of $2.9 trillion in early November.
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