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Crypto Market Drops Below $1T for First Time Since Early 2021

Bitcoin hit its lowest level since December 2020.

Bitcoin logo on a phone screen
Bitcoin's value dropped more than 14% on Monday, trading below $24,000
Sarah Tew/CNET

The world's largest cryptocurrency, bitcoin, fell below $24,000 on Monday, its lowest level since December 2020, according to data from CoinMarketCap. The fall came as the cryptocurrency market capitalization tumbled to under $1 trillion for the first time since February 2021, CNBC noted.

The drop continues a months-long downward trend that could be driven by rising inflation, economic concerns related to the war in Ukraine and a corresponding drop in major stock market indices. 

Confidence in the crypto market became shaky in May after the collapse of terraUSD, one of the largest stablecoins. Crypto lending company Celsius also paused withdrawals for its customers on Monday, Bloomberg reported, which may have further eroded people's faith in the market.