The global cryptocurrency market capitalization has fallen by over USD 2 trillion since last 10 months. There are several reasons to it such as regulatory challenges, for instance, in India, cryptocurrency trading is prohibited as there is no regulatory bill is place. In In January 2022, Russia�s central bank proposed banning the use and mining of cryptocurrencies on Russian territory. Cryptocurrency lending firm Celsius Network paused the withdrawal of cryptocurrencies due to extreme market conditions. The company filed for bankruptcy in June 2022. Stablecoins such as TerraUSD, crypto tokens pegged to the value of mainstream assets such as dollar are losing their pegs to the U.S. dollar. Other macroeconomic factors such as rising inflation and interest rates have further resulted in the fall in the crypto market.
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