Cryptocurrencies continue to lose value and collectively, the 100 largest in the asset class have lost 5 per cent of their value in a week. It is the largest decline in a week since April, reports Bloomberg.
Bitcoin, the largest cryptocurrency, has been dragged down and is now hovering around 62,300 dollars. This can be compared to peaks of 71,200 dollars at the beginning of June and the historic record of 73,798 dollars in March this year.
The headwind for cryptocurrencies has intensified as expectations of interest rate cuts from the US central bank, the Federal Reserve (Fed), have been dampened in recent times, which is hitting risk appetite globally.
