Lehman moment for crypto market? Experts say 90% of tokens may be wiped out

economictimes.indiatimes.com:

crypto market, with the top 20 names dropping as much as 35 per cent in the last 24 hours alone. The fall in smaller tokens is steeper and the pain more severe. The global market capitalization of all the crypto tokens has tumbled below $1.2 trillion, falling about 16 per cent in the last 24 hours and 65 per cent from its peak of $3.2 trillion at the end of 2021. The largest crypto token — Bitcoin — has dropped 13 per cent to test $26,500 levels, whereas its counter-peer Ethereum has lost over 28 per cent to breach the $1,750 mark. At the time of writing this report, both had witnessed a mild recovery.

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BNB, XRP, Cardano, Solana, Polkadot and Avalanche dropped up to 35 per cent during the day. Meme tokens such as Dogecoin and Shiba Inu took plummeted up to 40 per cent. Market experts said rising interest rates, inflation worries and geopolitical crisis are behind factors denting the market sentiment for crypto assets, which are now in a bear grip. Nischal Shetty, Co-founder and CEO, WazirX said the significant dip in crypto assets is a global phenomenon and the market is going through a bearish phase. Another factor the market participants are hinting at is the sync of crypto markets with global financial markets. «Crypto markets are mirroring traditional financial markets as both are seeing a correction,» Shetty added. «It indicates that crypto markets are attaining maturity, and just like other markets, they also have a bear and bull cycle.» Ashish Singhal, co-founder and CEO, CoinSwitch,