The cryptocurrency market is back under pressure on Thursday, with most virtual coins trading at a lost. The board-based gains seen on Tuesday have eroded sharply today as bigger and smaller cryptocurrencies faced sell-off pressure.
The sell-off witnessed in the cryptocurrency market has been triggered by uncertainties over inflation which has prompted investers to reduce exposure to riskier asset.
Bitcoin, the world's most popular cryptocurrency, remains under pressure and has fallen nearly 10% , down to $40,779.88 at around 9:10 a.m.
There are high chances that Bitcoin may fall below $40,000 as the day progresses, given the fact that the cryptocurrency is going through the turbulent run.
However, Ethereum has also buckled under pressure after rising nearly 3% yesterday, and it trading lower by over8% as of 9:30 a.m. Ethereum was trending at $3,093, down 8.40% .
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