The cryptocurrency market is in the middle 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.
All of the top 100 biggest cryptocurrencies are currently in the red. Cardano (ADA), Terra (LUNA), Avalance (AVAX), and Dogecoin (DOGE) have all recorded double-digit losses.
The total cryptocurrency market cap currently stands at $1.8 trillion, dropping significantly as the result of the ongoing sell-off.The U.S. Federal Reserve's aggressive monetary tightening is seen as the key bearish catalyst for the correction.