The world’s largest cryptocurrency, bitcoin,fell below $24,000on Monday, its lowest level since December 2020, according to data from CoinMarketCap.
The fall came as the cryptocurrency market capitalizationtumbled to under $1 trillionfor the first time since February 2021, CNBC noted.
The drop continues amonths-long downward trendthat could be driven byrising inflation, economic concerns related tothe war in Ukraineand a corresponding drop in major stock market indices.
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Confidence in the crypto market became shaky in May after thecollapse of terraUSD, one of the largeststablecoins.
Crypto lending company Celsius alsopaused withdrawalsfor its customers on Monday, Bloomberg reported, which may have further eroded people’s faith in the market.
