Crypto coins continue to shrink as losses reach one trillion.
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| Crypto coins continue to shrink as losses reach one trillion. |
The downturn in the cryptocurrency market, which began in November last year, continues amid sharp fluctuations in risky assets amid rising inflation.
Bitcoin and Ethereum have taken their trend for the seventh week in a row with market losses, as recent events at LUNA have been called into question.
The cryptocurrency market, which has developed dramatically since its inception, has been hit hard by inflation and high-interest rates since November.
What happened with stablecoin, and then the trust issue, LUNA, which was issued to stabilize the value of cryptocurrency, and UST, which designed Praber1 on the Terra platform, accelerated the catastrophe.
The price of LUNA, which was in the top 10 cryptocurrencies and among many investors, reached zero and was removed from the popular trading position Binance, which caused fluctuations in the general market.
In the past, the market value of cryptocurrency, which was growing from 2.1 trillion in early April, fell to 2.2 trillion, according to data from analyst firm Coin's market cap.
Bitcoin is a corrupt asset with the highest market capitalization at $ 558.6 billion, followed by Ethereum at $ 237.6 billion.
The bitcoin, which touched a high of $ 69,000 in November, reached 24,500 earlier this month, its lowest level in eight years.
While Bitcoin suffered some losses at the end of March and was above $ 48,000, it is still close to $ 29,000.
Ethereum also reached a high of 4,870 in November, when it declined.
The price was 1,960, with losses for the seventh week in a row.
Experts say the elimination of LUNA, a key part of the cryptocurrency market, still has an unknown effect on the industry as a whole.
He emphasized that the reliance on corrupt products was a source of imbalance in the market, adding that a clear regulatory mechanism should be put in place to address the imbalance.
The bitcoin fell below $ 29,000 on Friday as weaker currencies traded.
The world's largest cryptocurrency in terms of market capitalization at $ 28,800 at 2 p.m. EST was trading at 29,260, at 5:50 p.m. For a daily loss of 3.4%.
Shares of Ethereum, the world's largest altcoin, fell 2.5% to 64 1,644 a day.
Total cryptocurrency market capitalization increased by 2.5% to 25, 1.25 trillion.
The cryptocurrency market has lost almost half of its value over the past six weeks, with most losses occurring in the last two weeks as the US Federal Reserve raised interest rates by 50 basis points. Water levels also rose again in June and July.
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