What caused the crypto meltdown?

The massive crypto meltdown is part of a larger market downturn brought on by elevated inflation, rising interest rates, war in Ukraine, Covid lockdowns and supply chain chaos. This week, the Federal Reserve increased interest rates by 75 basis points, the largest hike since 1994. The change led to a retreat from all assets.

What's going on with the crypto market?

Uncertainty in traditional markets and Fed concerns, experts say Over the past week, the cryptocurrency market has experienced massive drops, reaching lows not seen in months. According to CNBC, Bitcoin plunged below $33,000 on Monday, the lowest it's been since July, and the entire crypto market lost more than $1 trillion in value.

Is Crypto down?

Crypto is down and these stocks are dropping as well. Travis Hoium has been writing for fool.com since July 2010 and covers the solar industry, renewable energy, and gaming stocks among other things. Follow @TravisHoium The world of cryptocurrencies was thrown for a loop over the weekend as Elon Musk suddenly soured on the industry.

Why did bitcoin drop?

The reason for the drop was not immediately clear. Bitcoin on Friday fell to its lowest level in more than three weeks, dipping below $22,000 amid a sudden crypto sell-off in early European trading. Bitcoin plunged from $22,738 to below $21,12.34 at 2:30 a.m. ET, according to CoinDesk data.