Losing their lure
Cryptocurrencies were among the privilege investments during the pandemic as many people working from home started trading in these assets. With these assets having no fundamental basis to their evaluation, prices zoomed higher, simply led by higher demand. Bitcoin prices gained 300 per cent in 2020 followed by 59 per cent gain in 2021. But after hitting an all time high in November 2021, the sum cryptocurrency market cap started falling and since then there has been no looking back. One of the main reasons for the reversal in sentiment was the prohibition of cryptocurrency trade and mine in China which wiped out the crypto market by 40 % in one month. This refuse was far fuelled by the regulations and taxations brought upon cryptocurrencies in countries including India and the US.
The Federal Reserve ’ s monetary tighten has promote led to investors fleeing the cryptocurrency market. In the last one calendar month crypto currencies have lost close up to a trillion dollars in market hood from $ 2.16 trillion in April 2022 to $ 1.17 trillion in May 2022. Most of the crown crypto currencies have been falling since the last workweek, losing more than $ 240 billion in the last 24 hours.
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