Key Insights:
- Total market cap has tanked to a ten-month low of $1.6 trillion.
- Fed interest rate hikes are driving investors back to traditional assets.
- Institutions are also cooling on crypto following an epic 2021.
Total crypto market capitalization has fallen to its lowest level in ten months. A further $130 billion has left the space over the weekend resulting in a market cap slump to $1.62 trillion. It has not been this low since early August, according to CoinGecko.
Bitcoin (BTC) and Ethereum (ETH) lead losses again during the Monday morning Asian trading session. Bitcoin has shed a further 3.1% to $33,486 at the time of writing, and Ethereum is down 4.2% to $2,443, its lowest price since January.
Crypto markets are cyclical, but there are a couple of other factors driving the selloff at the moment.
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