Bitcoin dropped 6.53% to 19,304.86 losing $1,334.33 from its previous close

Bitcoin's previous close Earlier in the day, it sank as far ad $19,047.61 its lowest point since December 2020.

Bitcoin dropped 6.53% to 19,304.86 losing $1,334.33 from its previous close

Ether breached the $1,000 mark briefly and dropped to $999.86 the lowest since January 2021, before losses Bitcoin is down 59% this year, while ether is down 73% 

Central bankers signaled they will keep hiking this year in the fight to tame inflation. A higher rate environment has been deleterious to riskier assets like crypto 

Edul Patel Co-founder and CEO of Mudrex A Global Crypto investing platform says the reason to down Bitcoin has the Federal Reserve raised interest rates by 75 basis points which is the largest in three decades, on Wednesday. The volatility in the market may continue in the next coming weeks.

The bank of England on Thursday raised its benchmark lending rate a quarter-point to 1.25% the highest since 2009 and suggested it may step up the pace of tightening at its next meeting in August. 

Crypto market, Babel Finance became the second major digital asset lender this week to freeze withdrawals, telling clients it is facing unusual liquidity pressures as it contends with recent market declines. 

The crypto market has seen major fluctuations and some institutions in the industry have experienced conductive risk events. 

The Crypto market now stands at a fraction of its heights in late 2021, when Bitcoin traded near $19,304.86 The current CoinMarketCap ranking is #1, with a live market cap of USD 368,152,388,590. It has a circulating supply of 19,070,450 BTC coins and a max. supply of 21,000,000 BTC coins.

Read Tether's USDT market cap dips below $70B for an 8-month low