Crypto Market Cap Falls Below $1T for First Time Since Early 2021

The market capitalization for cryptocurrencies fell by some 12% in the last 24 hours to nearly $970 billion on Monday morning, data from CoinMarketCap shows.

• A similar capitalization was previously seen in January 2021, data shows. In the past 24 hours, bitcoin BTC$78,065.43 lost 13% while ether ETH$2,299.69 slid 17%.
• Bitcoin dominance increased to over 47% over the weekend, suggesting investors held bitcoin and risked off from alternative cryptocurrencies.
• The fall came amid a decline in global stocks after poor U.S. consumer price index data for May was released last week. Inflation rocketed to over 8.3% on a year-on-year basis, denting investor sentiment.
• Bitcoin has declined for nearly 12 straight weeks, marking one of the asset’s biggest slides in its lifetime.