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Crypto Market Drops Below $1 Trillion, Bitcoin Nears 2022 Low

  • Largest cryptocurrency has retreated to the $18,000 range
  • Rising borrowing costs pressuring tokens, other risk assets
Bloomberg business news
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Bitcoin is flirting with a test of this year’s lows following a cryptocurrency selloff that again pushed the sector’s overall market value below $1 trillion.

The largest digital token has shed more than 6% so far this week and was trading at about $18,750 as of 7:02 a.m. in New York. Crypto market capitalization has fallen by a similar proportion in the past 24 hours, according to CoinGecko. Ether erased Tuesday’s gains, dropping about 4.4%.