Cryptoasset market slumps 30pc after yearlong slowdown in uptake

Cryptocurrency

The prolonged fall in bitcoin value has many worried as bitcoin celebrates one year as legal tender in El Salvador. PHOTO | AFP

The prolonged slowdown in the crypto market in the past two quarters has seen many completely abandon the digital assets, significantly driving down global crypto adoption index.

A report by American blockchain analysis firm, Chainalysis, shows that the global cryptocurrency adoption index has fallen by nearly 30 percent in the past one year, to levels not recorded in close to two years.