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Alex Dovbnya

The cryptocurrency market is in the middle of a major correction, with top altcoins posting double-digit losses

The cryptocurrency market is in the middle of yet another major sell-off. Bitcoin, the largest cryptocurrency, has plunged 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. 

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All of the top 100 biggest cryptocurrencies are currently in the red. Cardano (ADA), Terra (LUNA), Avalance (AVAX), and Dogecoin (DOGE) have all recorded double-digit losses. 

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The total cryptocurrency market cap currently stands at $1.8 trillion, dropping significantly as the result of the ongoing sell-off. 

The U.S. Federal Reserve’s aggressive monetary tightening is seen as the key bearish catalyst for the correction.  

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