The global market capitalization for all crypto assets fell below $1 trillion on Saturday, August 27th 2022. Bitcoin, which is the most popular crypto asset, dropped to $20K, its lowest level since July.
Crypto Economy Craters — More Than $240 Billion Erased in 13 Days
As the world’s cryptocurrency markets feel the pinch this weekend, the market capitalization is currently just below $1 trillion. That is a decrease of 4% in 24 hours. This was just 24 hours after crypto’s 6% drop. The crypto market’s major decline took place almost immediately after Fed chair Jerome Powell gave his speech at the annual Jackson Hole Economic Symposium on Friday.
As of the writing time, bitcoin (BTC), is down 3.5% and 4.5% respectively over the last seven trading days. The leading cryptocurrency asset trades at $19 968 per unit. BTC dropped to $19,766 an unit today at 11.39 AM (EST). Ethereum (ETH) fell 5.1% Saturday to be the second-largest crypto asset in market value and has lost 8.8% this past week.
The global 24-hour trade volume for crypto assets is currently $67.44 trillion. However, USDT (tether) has a $34.07 billion market share. Centre’s usd coin (USDC) has recorded $7.75 billion out of the $67.44 billion total as well. The volume between USDT and USDC represents 62.01% of today’s global trade volume.
ETH dropped 5.1% while solana lost 5% and dogecoin lost 3% on Saturday. Today’s top losers are lido dao, (LDO), down 11% and Radix, (RDX), losing 6.8%. Ethereum Classic (ETC), lost 6.9%. Between 2.3% and 5.2%, the tokens internet computer(ICP), chiliz [CHZ], defichain (“DFI”) and polygon (“MATIC”) managed to increase their value.
On August 14th, when there was $1.24 trillion in market capitalization for all coins available, crypto currency’s USD worth is much lower. Bitcoin (BTC), which was then in the $25K range, soared above $2K per unit, while ethereum, (ETH), climbed to over $2K. Since that time, billions have been erased. In less than two weeks, $240Billion has disappeared.
While yesterday’s downturn was blamed on the Fed, today’s drop is surrounded by speculation and rumors on social mediaMt Gox’s bitcoin stash of 140,000 BTC will soon be available. Some believe Mt Gox will release the BTC really soon, while others are calling the rumors “fake news.” Despite any veracity to the Mt Gox coin chatter, there are hundreds of tweets discussing the subject on Twitter.
Let us know your thoughts on the cryptocurrency carnage which has seen global market capitalizations of all existing crypto coins drop to below $1T. Please comment below to let us know your thoughts on this topic.
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