Crypto markets witness $200B wipeout after bitcoin falls below $26,000

The broad cryptocurrency sell-off has erased more than $200 billion from the crypto market.

Bitcoin dropped as low as $25,401.29 on Thursday morning, falling below $27,000 for the first time since December 26, 2020. It pared its losses through the day and rose as high as $29,413.08, down 0.1%.

Bitcoin’s prices have continued to fall following the broad stock sell-off in the US markets after the Federal Reserve tightened the monetary policy, in its attempt to combat inflation that has risen to an annual rate of 8.3% in April.

The total crypto market value hit $2.2 trillion on April 2, well off of its all-time peak of $2.9 trillion in early November.