The price of Bitcoin and the cryptocurrency market in general witnessed another drop yesterday and it is still continuing until the moment.

The total market capitalization of cryptocurrencies fell again to visit the areas of $920 billion.

Bitcoin price fell below the $19,000 level and is currently trading at $18,800.

Ethereum continued to decline as well and is trading below the $1,300 level again.

Ethereum is currently trading at $1,296.

Cardano is one of the biggest losers in the recent cryptocurrency crash, as it tumbled and fell nearly 3% to trade at $0.44.

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Cryptocurrency LUNC has sunk further and is down close to 16% in the last 24 hours.

The price of the digital currency LUNC has fallen by more than 30% in the last 7 days.

The Solana coin has fallen more than 3% in the last 24 hours and is currently trading at $32.

Meanwhile, the DOGE cryptocurrency is down 3% and is currently trading at $0.061.

Why did the crypto market crash?

Crypto market rivers where continue US dollar coin, in a show of incredible strength.

The US Dollar Index, or DXY, rose another 0.64% to 113.92.

As a result, US bond yields rose and the stock market plummeted.

The S&P 500 is down 1.72% and the Nasdaq is down 1.66%.

The cryptocurrency market is closely related to the broader public market.

Currently, the crypto market is particularly tied to the technology-oriented NASDAQ 100 Index.

The dollar’s strength is destroying other global currencies including the British pound.

It also causes damage to the market for risky assets such as cryptocurrencies.

Read:Find out the possible reasons behind Bitcoin’s drop to its lowest level in 3 months!

Meanwhile, the Fed continues its hawkish stance against inflation.

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His quantitative tightening is the biggest reason for the dollar’s strength.

Global economies are also preparing for a recession as the Federal Reserve continues to play down the slowdown in the economy.

Key events to watch:

The upcoming speech of key Fed officials will affect the cryptocurrency market.

Today, Susan Collins of the Federal Reserve Bank of Boston, Rafael Bostick of Atlanta, and Loretta Mester of Cleveland are scheduled to speak today.

Federal Reserve Chairman Jerome Powell will speak on Tuesday.

As Federal Reserve officials will be talking about more monetary policy, this could affect the cryptocurrency market.

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