The price of the cryptocurrency market decreased again on June 15th, 2022, causing a huge loss
The cryptocurrency market fell by 6.92% on Wednesday, June 15th, 2022. The previous day, the cryptocurrency market was leading at $935 billion. But it has fallen by 3.68% in a day.
Many markets were in the red prior to the announcement of the US Federal Reserve raising interest rates. It occurred when a crypto lending platform declared that it would cease providing services such as withdrawals during a market crash, resulting in a sell-off of crypto assets.
There is a crowd of investors who are in utter despair about the sudden crash in the crypto market.
The Reasons behind the crash
The reason for this huge loss, or why the investors turned off their hands from investing in the cryptocurrency market, has been found out finally. There is a large sell-off going on in the market. That is why the investors were frightened to invest their money as there was a high risk of loss.
Another possible and major reason for the occurrence of this nuisance is the sudden fear of increasing interest rates by the US Federal Reserve, which has insisted investors stay away from investing.
They only wanted to be free of any risk or any huge loss. The outcome of this is in front of you all. The price of cryptocurrencies in the market has fallen globally.
Not only that, but the value of major coins such as Bitcoin and Ethereum is falling. The price of Bitcoin fell by 6.92 percent, which is unimaginable.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) June 15, 2022
Such incidents have taken place only three times in the earlier period. The market will take time to recover the loss. Surely, within a few weeks, the market will be uplifting itself with its unbelievable share price hike.