Bitcoin has shed more than 5% of its value in the last 24 hours, according to crypto data aggregator CoinMarketCap. Yesterday, the largest cryptocurrency by market cap fell below the $19,000 threshold for the first time since July 4.

Broadly speaking, Bitcoin has dropped 7% over the past seven days, with the more intense selloffs happening yesterday and today. 

At the height of Bitcoin's bull run last year, it commanded a market capitalization of $1 trillion. This figure has since dwindled to $358.8 billion. 

Bitcoin
BTC
+3.78%$109,637.22
24H7D1M1YMAX
Created with Highcharts 10.3.312:00PMJun 512:00PMJun 612:00PMJun 712:00PMJun 812:00PMJun 912:00PMJun 1012:00PMJun 11$100000$110000$102500$105000$107500$112500
Price data by
BTC price

Ethereum has declined even more today.

The world’s second-largest cryptocurrency, with a market capitalization of $184.7 billion, plummeted 7% overnight as hype for the network’s major overhaul, dubbed the merge, turned to concern. 

Ethereum
ETH
+5.76%$2,782.28
24H7D1M1YMAX
Created with Highcharts 10.3.312:00PMJun 512:00PMJun 612:00PMJun 712:00PMJun 812:00PMJun 912:00PMJun 1012:00PMJun 11$2400$2500$2600$2700$2800$2900
Price data by
ETH price

It’s not just crypto, either.

Stocks are also down, in part due to fears that the United States Federal Reserve will continue hiking interest rates in a bid to stem rampant inflation. The price of gold has flattened, too, due to the tightening fiscal policy. 

The general western economy is also experiencing geopolitical pressure.

Bitcoin’s selloff intensified following news last week that Russia shut down the Nord Stream 1 pipeline, halting gas to Europe and spooking markets, according to experts. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.