Crypto On June 14: Market Cap Trades Below $1Trillion, Bitcoin Swoops Below $22k

The world's topmost cryptocurrency Bitcoin saw a massive slide in price Tuesday, affecting the entire market as the global market cap traded below the $1trillion mark after early 2021.

The global market cap was down 11.37 percent at $928.42billion, as of 4.16 a.m. ET, CoinMarketCap data showed.

Bitcoin lost 13.35 percent and was trading at $22,160.13. The top coin briefly fell below $21,000 too before bouncing back slightly, continuing its plunge as investors sold off risk assets.

Ethereum, too, shed 14.14 percent to $1165. All other top coins lost grounds.

According to WazirX's daily analysis, the market sentiment has dipped to a new fear level of 8, the lowest in almost two years. "The crypto markets could lose more ground if the Dollar Index stays strong and the Stock market continues to correct," the Indian exchange told International Business Times.

Despite the nosediving prices, a new survey has revealed that most retailers are waiting for the ideal time to invest in cryptos as soon as this year.

The Bank of America (BAC) conducted a survey of 1,000 people in early June which found that 90 percent of respondents were preparing to buy cryptocurrencies within the next six months.

On the market sentiment, CoinDCX said, "Prices aside, notwithstanding the generally weak market sentiment, we continue to be encouraged by the building momentum persisting in crypto, where developers and businesses continue to be focused on developing value-accretive projects for the long haul."

The crypto market is extremely volatile and experts recommend not making investment decisions based on the sudden shift in prices