Capitalization of the Crypto Market Plummets Over 50% to Roughly $1.4T

　　Cryptocurrency market capitalisation has plunged by more than half to roughly $1.4 trillion after the Federal Reserve (Fed) boosted interest rates by 50 basis points, causing a sell-off panic among investors.

　　Bitcoin (BTC) fell to a three-month low in Asian trading on Monday.

　　BTC has dropped to its lowest level since July 2021, with a daily low of more than 12%, and is down more than 56% from its all-time high of nearly $69,000 in November last year.

　　The market value of the top 500 digital assets has dropped by more than half to $1.4 trillion since a peak in November 2021.

　　According to CoinMarketCap data, the current cryptocurrency Market Cap is $1,406,774,855,869.

　　According to data provider Kaiko, Bitcoin's correlation with the Nasdaq Composite, a measure of large U.S. technology companies, has achieved new highs.

　　Wedbush Securities strategist Daniel Ives stated:

　　“This is a risk off across all asset classes including crypto.”

　　A drop also affected related-listed equities of bitcoin companies on US exchanges. MicroStrategy, the largest Bitcoin holding public business managed by Michael Saylor, has plummeted by 55% this year. Similarly, Coinbase, a U.S.-listed cryptocurrency exchange, has plummeted 65 percent in 2022, sliding below $100 for the first time.

　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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