The Cryptocurrency Market Faces Huge Losses - Bloomberg 0 9

The decline in Bitcoin's price in recent weeks has led to the global cryptocurrency market losing over a trillion dollars since October 10, which is a quarter of its value at that time. Bloomberg reports.

On average, the market lost $27 billion a day, reaching a level of $3.2 trillion. The day before, Bitcoin's price, which had reached $126,000 in early October, fell below $90,000.

Experts do not rule out that in the near future, the largest cryptocurrency could drop below $85,000 or even $80,000, which would be below the April minimum.

The sell-off of Bitcoin is attributed to the policies of the U.S. Federal Reserve (Fed), which create uncertainty regarding further interest rate cuts (high rates reduce the attractiveness of cryptocurrencies), as well as the desire of many investors to lock in profits.

At the same time, CoinShares' head of research, James Butterfill, noted that investors are concerned about the uncertainty of the macroeconomic situation. They are trying to predict further movements of cryptocurrencies based on the actions of major players, which increases volatility.