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Crypto Economy Slips Below $1 Trillion As Bitcoin, Ethereum Dive Below Previous Support Zones – Market Updates Bitcoin News
On Saturday, August 27, 2022, the global market value of all cryptoassets in existence fell below $1 trillion, and the leading cryptoasset bitcoin fell below the $20K region for the first time since mid-July.
Cryptoeconomic craters – More than $240 billion wiped in 13 days
Digital currency markets this weekend are feeling the pain as the global cryptocurrency market cap today is just under $1 trillion, down 4% in the last 24 hours. That was after the crypto economy fell more than 6% 24 hours before. The crypto market’s major decline took place almost immediately after Fed Chair Jerome Powell delivered his speech at the annual Jackson Hole Economic Symposium on Friday.
At the time of writing, bitcoin (BTC) is down 3.5% today and 4.5% over the past seven days, and the leading crypto asset is trading at $19,968 per unit. BTC fell to a daily low today, losing $19,766 per unit at 11:39 AM (EST). Ethereum (ETH), the second-largest crypto-asset by market cap, tumbled 5.1% on Saturday and lost 8.8% this week.
There is $67.44 billion in 24-hour global trading volume across the twenty thousand cryptoassets in existence, but tether (USDT) accounts for $34.07 billion of the total. The center’s usd coin (USDC) has also recorded $7.75 billion out of a total of $67.44 billion. The volume between USDT and USDC represents 62.01% of today’s global trading volume.
While ETH lost 5.1% on Saturday, solana (SOL) also lost 5% and dogecoin (DOGE) fell 3%. The biggest losers today include lido dao (LDO) down 11%, radix (RDX) down 6.8%, and ethereum classic (ETC) down 6.9%. Tokens internet computer (ICP), chiliz (CHZ), defichain (DFI) and polygon (MATIC) managed to increase between 2.3% and 5.2%.
The crypto economy is much lower in USD value than it was on August 14, when the market cap of all coins in existence was $1.24 trillion. That day bitcoin (BTC) jumped above the $25K zone and ethereum (ETH) managed to rise above $2K per unit. Billions have been wiped since that day, in just under two weeks more than $240 billion is gone.
While yesterday’s decline was blamed on the Fed, today’s fall is surrounded by speculation and rumors on social media that Mt Gox bitcoin holdings of 140,000 BTC will be released soon. Some believe Mt Gox will release BTC very soon, while others call the rumors “fake news.” Despite the truth of the Mt Gox coin talk, there are hundreds of tweets discussing the topic on Twitter.
What do you think of the cryptocurrency carnage that has seen the global market cap of all cryptocurrencies in existence drop below $1T? Let us know what you think about this topic in the comments section below.
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