Crypto Crash Bitcoin (BTC) is trading at $20,166.30, down
The crypto market's slide has continued with Bitcoin and Ethereum recording new 52-week lows every day this week.
Bitcoin continued its slide overnight, with the leading cryptocurrency by market cap slipping to a new 52-week low of $20,184 according to CoinMarketCap.
Bitcoin has lost a third of its value over the past week amid rising inflation rates and an anticipated rate hike from U.S Federal Reserve
The market capitalization of Bitcoin has tumbled from $1,27 trillion in November 2021 to under $386 billion today.
The primary reasons for the Crypto crash behind today's bearish action are the upcoming federal rate hike to control inflation increased crypto fund outflows and reduced decentralized finance activity.
With inflation rates peaking at 8.6% in the United States, the Fed is expected to announce a possible rate hike later today.
The total Value Locked across all blockchains including Ethereum, Tron, BNB Chain, Avalanche, and Solana has fallen by over 8% past 24 hours.
DeFi lending protocols Aave, Lido, and Compound have lost at least 30% of their TVL over the past week.
Read: $1.25 Billion in Liquidations as Bitcoin Price Shortly Dips Below $21K