Almost US$250 billion has been wiped from the cryptocurrency market since Thursday, with Bitcoin tumbling below US$35,000 on Monday for the first time since February.
See related article: Bitcoin falls with Nasdaq’s worst performance since 2020
Fast facts
- Fellow market leader Ethereum was trading at US$2,532 at press time.
- Terra LUNA was among the biggest losers, dropping by as much as 25% over the weekend, and is trading at US$64.26 at press time.
- However, Algorand gained 12% to trade at US$0.7233 at press time, following a recent string of high-profile partnerships such as the FIFA World Cup.
- TRON also continued its monthlong price tear by gaining over 8% over the weekend to trade at US$0.08724 at press time.
- The downturn follows the U.S. Federal Reserve announcing a 50 basis points interest rate hike.
See related article: Bitcoin flirts with US$40K as Fed stamps highest rate hike in 22 years
