The total capitalization of the crypto market has fallen below $1 trillion amid a sharp depreciation of Bitcoin. At press time, the figure stands at $930.382 billion.
It is worth noting that this level was last seen in January last year. Bitcoin is trading at $21,924 (-9.09% over the last 24 hours).
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Bloomberg has reported the market has entered "a period of selling everything but the dollar." Traders are moving to a "safe haven" for fear that the US Federal Reserve (Fed) may raise rates more aggressively than expected in order to combat inflation.
Experts have also attributed the drop to the fact that crypto lending platform Celsius Network has recently suspended withdrawals, exchanges and transfers between accounts "due to extreme market conditions." Celsius managed $11 billion in user assets during May.