Bitcoin plunges 12%, Ethereum tanks 15% in last 24 hours; here is why crypto market crashed

New Delhi: The global cryptocurrency market has suffered a huge loss in the last 24 hours. A day ago we told you about a big downfall in the major cryptocurrencies such as Bitcoin, Ethereum, and Binance Coin.

The latest data by Coingecko shows, that two major cryptocurrencies Bitcoin and  Ethereum registered a decline of 12.3.% and 15.9.% in the last 24 hours. Despite the slope,  Bitcoin and Ethereum dominate the market with 45% and 14.6% shares, respectively.

The cryptocurrency data aggregator Coingecko wrote that the global cryptocurrency market cap was recorded today at $1.01 Trillion following the plunge of 12.3% in the last 24 hours. Notably, the platform tracks 13,408 currencies at present.

As per the latest data, the trading volume of total cryptocurrency is at $134 Billion.

If we look at the data of the past seven days, BTC lost its value by 19.8%, ETH by 32.2%, followed by BNB (25.6%), ADA (12.5%), SOL (16%), DOGE (16.9%), SHIB (12%), AVAX (17.3%).

Now the question comes why is the cryptocurrency market registering loss?

According to market experts, the current market indicates a falling risk appetite of investors. They also warned those who are looking forward to investing in digital currency that crypto is the most volatile instrument for investment purposes.

Talking about the current crypto market trend, Edul Patel Co-Founder and CEO of crypto investment platform Mudrex, said, ”The crypto market has been witnessing a decline as the Federal Reserve has been increasing the interest rates to combat inflation over the past few months. Bitcoin, Ethereum, and most cryptocurrencies suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high.