Bitcoin price: World's largest cryptocurrency drops by 2%, plummets to 16-month low; has lost 54% value since Nov

New Delhi: Bitcoin, the world's largest cryptocurrency, dropped by 2 percent on Thursday to as low as $28,379.26. This is the digital currency's lowest value in 16 months. The cryptocurrency market has continued its over one-month-long tumble during which it has lost $800 billion globally, touching a low of $1.4 trillion. Bitcoin, which makes up for around 40 percent of the market, hit a 10-month low on Tuesday. However, it had bounced back to $31,540. On the day, the currency was 54% lower than its highest ever value of $69,000 on November 10 last year. 

The cryptocurrencies have slumped, pretty much like equity markets across the globe following interest rate hikes to ward off inflation due to high crude oil prices and supply-chain disruptions. 

On April 2, the total crypto market value was $2.2 trillion, way below its November value of $2.9 trillion. 

"Bitcoin remains highly correlated to the broader economic conditions, which suggest the road ahead may unfortunately be a rocky one, at least for the time being," blockchain data provider Glassnode said in a note.

According to Reuters, the weak stablecoins, a less volatile crypto currency, has spooked investors. TerraUSD, the world's fourth-largest stablecoin, lost a third of its value on Tuesday as it lost its peg to the dollar.