$130 Billion Wiped Off Crypto Markets in 24 Hours

The cryptocurrency market had around $130 billion wiped off its value over the last 24 hours as major digital coins continued their multi-day sell-off. From a report: Bitcoin was last down around 4% at $33,755.57, according to Coin Metrics, while Ether plunged 7% to $2,239.08. Earlier in the morning both fell to their lowest points since July and are each about 50% off their all-time highs. Cryptocurrencies are moving in tandem with stocks, which have continued to fall since the beginning of the year and just came off of their worst week since March 2020. Investors have been selling risk assets like technology stocks as they prepare for tighter monetary policy from the U.S. Federal Reserve and higher interest rates. "Looking forward, our most immediate concern is how equities markets respond to this week's Fed meeting," said Leah Wald, CEO at digital asset investment manager Valkyrie Funds. "A consolidation in traditional assets would catalyze a potential recovery in bitcoin, ether and other altcoins. Realistically, though, digital asset traders tend to be willing to take on more risk than traders in other asset classes, so we do expect some volatility in the coming days and weeks."

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