What happened to cryptocurrencies on Monday?

Several major cryptocurrencies suffered heavy losses early Monday as the market’s valuation plunged to nearly $900 billion. Bitcoin plunged from about $19,450 to just over $18,400. Ethereum smashed below $1,300 and bounced around for hours.

What's going on with the crypto crash?

The crypto crash has been fairly widespread. Bitcoin and ethereum are the flagship prices that generally signal the overall health of the industry. Since January, bitcoin has fallen as much as 60 per cent, and is currently trading at about $US23,000.

Why have cryptocurrencies sold off?

There are two main reasons why cryptocurrencies of all stripes have sold off. The first is a macroeconomic one. For a long time, low-interest rates meant bonds and other “safe” investments yielded very little, so investors were pushed out to equities and sometimes crypto to try and find some returns.

How much is the global crypto market worth?

Gazette: In November, the global crypto market capitalization was $2.9 trillion. Today, it’s $870 billion, according to CoinMarketCap. Bitcoin, the oldest, most established cryptocurrency, has fallen over 70 percent in value during that period.