Would you like to receive notifications for Breaking news and updates?
The world's largest cryptocurrency seems to have hit a roadblock this week as the price came crumbling to its worst weekly selloff in the last year.
In what seemed to be a sudden loss of investor interest in risky assets like cryptocurrency, a large selloff was recorded in less than 24 hours, with the cryptocurrency market losing a staggering $120 billion collectively today. Moreover, there has been wider chaos in global markets, as a surge in bond yields is heralding expectations that growth and inflation are moving higher and forcing traders to reevaluate their positions across multiple asset classes.
Bitcoin, the poster child of the cryptocurrency market, fell as much as 11 percent today to $44,454 (N21,115,650) briefly after recovery hopes that saw the digital asset trading around $50,000 (N23,750,000), according to data from coinmarketcap.com. Just last weekend, the token reached a new all-time record of $58,332 (N27,707,700) but has quickly given back those gains in a volatile swing.
Ethereum, the second-in-line, has also given away its gains of last week as it went down by a shocking 13 percent today to $1,408 (N668,325) after tagging along with bitcoin last weekend to reach its all-time record of $2,036 (N967,100).
However, it is worthy of note that despite losing about $13,000 this week, bitcoin is still up 55% year-to-date, and ether is still up 98% despite a $700 loss in current value.