Terra, Dogecoin, Cardano Log Double Digit Losses as Ethereum Drops Below $3,000

Alex Dovbnya

The cryptocurrency market is in the midst of a major correction, with top altcoins posting double-digit losses

The cryptocurrency market is in the midst of yet another major sell-off. Bitcoin, the largest cryptocurrency, has plunged below the $40,000 level for the first time since March 16.

Ethereum, the second largest cryptocurrency, is currently trading below the $3,000 level on the Coinbase exchange.

Image by tradingview.com

All the top 100 largest cryptocurrencies are currently in the red. Cardano (ADA), Terra (LUNA), Avalance (AVAX) and Dogecoin (DOGE) all posted double-digit losses.

Image by coinmarketcap.com

The total cryptocurrency market cap currently stands at $1.8 trillion, which is dropping significantly due to the ongoing sell-off.

The US Federal Reserve’s aggressive monetary tightening is seen as the main bearish catalyst for the correction.

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