The value of the entire cryptocurrency market has fallen below $1 trillion U.S. as the selloff in digital coins and tokens continues.
Bitcoin (BTC), the biggest cryptocurrency by market capitalization, is trading at $18,700 U.S., its lowest level since June following a continued drop in stocks and the growing strength of the U.S. dollar.
Ethereum (ETH), the second largest cryptocurrency, fell more than 8% overnight and is trading at $1,510 U.S.
Bitcoin has traded in tandem with stocks this year, and as they fall so too does the largest cryptocurrency. Bitcoin has been trading within a range of $18,000 U.S. to $24,000 U.S. since June of this year.
At the same time, policy tightening by the U.S. Federal Reserve has strengthened the U.S. dollar which has weighed on riskier assets such as cryptocurrencies.
The cryptocurrency market has seen nearly $2 trillion U.S. erased from its value since it peaked last November. Bitcoin is down 60% from its record high of $68,990.90 U.S. last fall.
The selloff in digital assets has accelerated due to a difficult environment for risk assets, as well as a wave of bankruptcies that has spread across the global crypto industry.
