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LONDON, June 13 (Reuters) – The worth of the cryptocurrency market on Monday fell beneath $1 trillion for the primary time since January 2021, based on information website CoinMarketCap, reaching as little as $926 billion.

The worldwide cryptocurrency market peaked at $2.9 trillion in November 2021, but it surely has faltered to date this yr. It has misplaced $1 trillion in worth within the final two months alone as traders ditched riskier belongings within the face of excessive inflation and fears that rate of interest raises by central banks will hamper progress.

Representations of the Ripple, Bitcoin, Etherum and Litecoin digital currencies are seen on a PC motherboard on this illustration image, February 14, 2018. REUTERS/Dado Ruvic/Illustration

The biggest cryptocurrency, bitcoin , was down greater than 10% on the day, falling to an 18-month low of $23,750. It’s down by round 50% to date this yr. Smaller coin ether fell over 15% to $1,210.

“As inflation proves to be an excellent trickier opponent to beat than anticipated, Bitcoin and Ether are persevering with to get a extreme bruising within the ring,” mentioned Susannah Streeter, senior funding and markets analyst at Hargreaves Lansdown.

“They’re prime victims of the flight away from dangerous belongings as traders fret about spiralling client costs around the globe.”

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Reporting by Elizabeth Howcroft; modifying by Tom Wilson

Our Requirements: The Thomson Reuters Belief Ideas.

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