The crypto market cap fell below $1 trillion on Monday
• The crypto market cap fell below $1 trillion on Monday
Bitcoin plummeted below $23,000 on Monday, hitting its lowest level since December 2020 after investors disposed off risky assets in a broad sell-off.
The largest currency traded around $22,764 at 11:10 AM ET on Wall Street, for a loss of 17%. The second-largest cryptocurrency, Ether fell 19% to $1227.
The cryptocurrency market capitalization fell below $1 trillion on Monday for the first time since February 2021, according to data from CoinMarketCap.
More than $200 billion had been wiped off the entire cryptocurrency market, over the weekend and into Monday morning.
Weakness in the macroeconomic factors contributed to the drop. On Friday, the consumer price index (CPI), the most widely tracked benchmark for inflation, rose 8.6% on a year-over-year basis in May, going over the estimated decline to 8.2% from April's 8.3%, as reported.
According to price charts, bitcoin had strong support at the $29,000 mark, but the fall below that level now means that the cryptocurrency could drop to the 2017 level of $20,000.