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• Bitcoin’s market cap rose by around 4.5% during the day briefly
Bitcoin continued its decline on Thursday as crypto investors continued to sell off the volatile asset.
The currency hit $21,000 in Asia, on Tuesday, hitting its lowest level since December 2020 after investors disposed off risky assets in a broad sell-off.
The largest currency traded around $20,863 at 5:37 PM ET on Wall Street, for a loss of 4.9%. The asset has lost some 66% of its value from lifetime highs of $69,000 in November. The second-largest cryptocurrency, Ether fell 7.6% to $1113.
The cryptocurrency market capitalization rose by around 4.5% during the day after falling below $1 trillion on Monday for the first time since February 2021.
On Wednesday, Bitcoin briefly reversed its decline even as U.S. Federal Reserve (Fed) Chair Jerome Powell announced a 75 basis-point interest rate increase, the biggest in over 28 years, only to dip below the $21,000 level.
Source - Federal Reserve
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