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RIYADH: Most cryptocurrencies traded red in global markets on May 12. Bitcoin, the world’s leading cryptocurrency fell to a 16-month low on Thursday and is trading at $27,208, down 14.66 percent at 08.30 a.m Saudi time. 

According to data from Coindesk, Bitcoin has dropped 13 percent so far in May and has lost more than half its value since it hit $69,000 in November last year.

Meanwhile, Ethereum, another popular cryptocurrency fell 22.65 percent to $1851. 

The data also suggests that the global crypto market’s value plummeted by 13 percent in the past 24 hours to $1.3 trillion on Thursday. 

Crypto assets have been under pressure over the past one month, mirroring a plunge in equities on fears of aggressive interest rate hikes across the globe to stave off soaring inflation. 

Amid plummeting cryptocurrency value, Morgan Stanley has warned a decline in global economic growth in 2022, due to the ongoing geopolitical tensions, and the Covid outbreak in China. 

According to a report from the brokerage, the global growth in 2022 will be at 2.9 percent, compared with the 6.2 percent growth in 2021. 

“The deceleration is global, driven by the combination of waning fiscal impetus, tightening monetary policy, a continuing drag from Covid, persistent supply chain frictions, and, most recently, repercussions from the Russian invasion of Ukraine,” wrote Morgan Stanley economists in a note dated Tuesday.