Crypto markets down nearly 70% from peaks: Will the carnage continue?

The meltdown across global equity markets is casting a spillover effect on the crypto markets as well.

With the global central bankers turning hawkish to abate inflationary pressures, lack of liquidity is resulting in fund vacuum in the crypto sphere too.

Reduced risk appetite, coupled with strengthening dollar, has also made investors exit crypto funds with outflows surging over $100 million last week.

That apart, popular assets like Bitcoin, Ethereum, Tether, Dogecoin and Shiba have shed up to 33% in the past seven days.

According to coinmarketcap.com, the market-cap of crypto markets has shrunk from $2.97 trillion, seen in November 2021, to about $950 billion now.