Bitcoin, cryptocurrencies continue to plummet

By Ovunc Kutlu

ANKARA (AA) – Bitcoin and cryptocurrencies continued to plummet over the weekend and on Monday after last week's major selloff.

Bitcoin sank to $33,300 early Monday, its lowest level since Jan. 24. While its price dove 1.5% on Saturday, it lost an additional 4% on Sunday.

The world's largest cryptocurrency by market capitalization has lost 16.1% of its value since Wednesday when it closed at $39,690.

Ethereum, the world's biggest altcoin by market value, also dove below $2,426, its lowest level since Jan. 28, according to official figures.

While Ethereum declined 4.4% on Saturday, its price lost an additional 2.9% on Sunday. Its market value has dove 17.5% since Wednesday when it stood at $2,940.

Since Wednesday when the US Federal Reserve raised its interest rates by 50 basis points, the cryptocurrency market has seen $290 billion erased, as its market value dropped 16% to $1.52 trillion from $1.81 trillion in less than a week, according to data from the digital asset price-tracking website CoinMarketCap.