Cryptocurrency market slumps below $1trn

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The value of the global cryptocurrency market dropped back below $1 trillion today following significant drops in the prices of two of its main constituents.

The price of bitcoin, the world’s most traded digital currency, dropped 5.9 per cent to trade at $18,720, heading towards a June low of $17,600. It has shed about 72 per cent of its value since a record price of $69,000 was set last November.

Any slide in bitcoin pulls down the whole market, since it accounts for more than 38 per cent its value.

Ethereum, the second largest crypto currency, has fallen by 9.2 per cent today to trade at $1,514. The move is a sign of jitters in advance of a long-awaited upgrade — dubbed “the merge”