Ethereum price: NFT market value hit hard by cryptocrash

Ethereum price: NFT market value hit hard by cryptocrash

Jhe non-fungible tokens -NFT- prices fell to par the crypto market.

NFT organizations have seen their sales volumes plummet due to the crypto crash.

the Bored Ape Yacht Club collections has seen its “floor price”, which means that it is the cheapest NFT list since its inception.

the BAYC discontinued collections 25% over the past week.

According to information collected by The Block, the Bored Ape Yacht Club collection has a current value of 88 ETH (Ethereum) by piece.

BAYC NFTs decreased by almost $500,000 in the last few weeks.

During the same period, CryptoPunksanother NFT collection, decreased by 15%selling their coins for 52.5 Ethereum.

Why did everything crash?

Chaos appeared to spread to Asia on Thursday, as crypto-related stocks fell.

BC Technology Group Ltd., a Hong Kong-listed fintech company, closed down 6.7%. Monex Group Inc., owner of the TradeStation and Coincheck marketplaces in Japan, lost ten% day.

The world’s central banks are tightening monetary policy to fight inflation, and digital tokens have come under selling pressure as investors flee risky assets.

Thusday, S&P500 futures fell 0.8%, track the losses of the MSCI Asia Pacific index.

Investors in the crypto space are used to wild market swings, and Bitcoin and Ethereum quickly cut losses to trade 4.2% and 9%, respectively, from 4:45 p.m. Hong Kong time.

According to Coin Metrics, the price of bitcoin fell to $25,401.29 Thursday. This is the first time the cryptocurrency has fallen below $27,000 since December 26, 2020.

Ether, the second largest digital currencydropped to just $1,704.05 per coin.

This is the first time the token has fallen below $2,000 since June 2021. Ether has been the last trading dow8.8% to $1,937.88.

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