The sell-off in cryptocurrencies has continued, with Bitcoin falling sharply after touching an all-time high of about $126,000 earlier this year. It has since broken below both $100,000 and $85,000. The global crypto market cap now stands near $3 trillion, down from a peak of $4.3 trillion. Daily trading volumes have also fallen to around $197 billion. Nearly $1.2 trillion in value has been erased in the past six weeks.

Month-on-month declines have been steep across major tokens. Bitcoin is down almost 20% over the month and about 8% this year. Ethereum, Solana and Avalanche have dropped between 26% and 28% in recent weeks. Over the year, Ethereum is down 16%, Solana is down 29% and Avalanche has fallen by about 60%.

Also Read | Bitcoin slides below $90,000 but analysts call the crash

See Full Page