The global cryptocurrency market continued to tumble on Tuesday with Bitcoin sliding once again threatening to fall below the crucial $20,000 mark. Since late last year, nearly $2 trillion has vanished from the market value of cryptocurrencies, as per CoinGecko.
Bitcoin, the world's largest cryptocurrency, dropped 3.60 percent, trading at $19,693 while Ether, the second largest cryptocurrency in terms of market capitalization, fell 6.54 percent to 1,067 over the previous day, according to Coindesk data at 13:30 IST.
For nearly a month, the largest token has been bouncing in a range between $17,000 and $23,000, and market experts are wondering if the worst of this year's big sell-off could be over in some time.
Other popular digital tokens, which tend to move in tandem with bitcoin, also fell. Shiba Inu, the second-largest meme coin, dropped almost 5.92 percent to $0.000010 whereas the most followed meme coin Dogecoin fell as much as 5.27 percent to $0.061826.
The global cryptocurrency market cap decreased to 5.35 percent to $862.63 billion in the last 24 hours. On the flip side, the total cryptocurrency trading volume also decreased 1.87 percent to $53.75 billion.
Out of a total market cap, bitcoin's dominance is 43.66 percent, an increase of 0.83 percent over the day, as per CoinMarketCap data at 13:45 IST.
However, crypto traders are still looking ahead to Wednesday's expected release of June’s Consumer Price Index, the most widely regarded measure of U.S. inflation, for clues on how aggressive the Federal Reserve will need to be to slow the pace of consumer-price rises.