The cryptocurrency market is in the midst of a major correction, with major altcoins posting double-digit losses
The cryptocurrency market is in the midst of another major sell-off. Bitcoin, the largest cryptocurrency, dipped 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 cryptocurrencies are currently in the red. Cardano (ADA), Terra (LUNA), Avalance (AVAX) and Dogecoin (DOGE) all posted double-digit losses.
The total cryptocurrency market capitalization currently stands at $1.8 trillion, down significantly due to the ongoing sell-off.
Aggressive monetary tightening by the US Federal Reserve is seen as the main downside catalyst for the correction.