On Saturday, August 27, 2022, the global market capitalization of all existing crypto assets fell below the $1 trillion mark and major crypto asset bitcoin fell below the $20K level for the first time since mid-July.
Crypto Economy Craters – Over $240 billion was erased in 13 days
The digital currency market is feeling the pain this weekend as the market capitalization of the global cryptocurrency market today is just under $1 trillion, down 4% in the last 24 hours. This was after the crypto economy had fallen more than 6% in the preceding 24 hours. The big drop in the crypto market came almost immediately after Fed Chairman Jerome Powell spoke at the annual Jackson Hole Economic Symposium on Friday.
As of this writing, bitcoin (BTC) is down 3.5% today and 4.5% over the past seven days, with the leading crypto asset trading at $19,968 per unit. BTC 30} ETH) The second-largest crypto asset by market valuation fell 5.1% on Saturday and lost 8.8% for the week.
There is $67.44 billion in 24-hour global trading volume across the 20,000 crypto assets in existence, with Tether (USDT) commanding $34.07 billion of the total. The Center’s USD Coin (USDC) likewise recorded $7.75 billion of the $67.44 billion total volume betweenUSDTand USDC, representing 62.01% of today’s global trading volume.
while ETHfell 5.1% on Saturday, solana (SOL) fell 5% as well, and dogecoin (DOGE) fell 3%. The biggest losers today were lidodao (LDO) down 11%, radix (RDX) down 6.8%, and ethereum classic (ETC) shed 6.9%. Tokens Internet Computer (ICP), Chiritsu (CHZ), Defy Chain (DFI), and Polygon (MATIC) managed to gain between 2.3% and 5.2%.
The crypto economy has seen an overall lower USD value compared to August 14, when the market capitalization of all coins in existence was$1.24 trillion. On that day, Bitcoin (BTC) jumped over the $25K zone and Ethereum (ETH) managed to rise above $2K per unit. Billions of dollars have been erased since that day, more than $240 billion in less than two weeks.
Yesterday’s drop was blamed on the Fed, but today’s drop is surrounded by 140,000bitcoin stashes at Mt Gox,speculation and rumors on social media that BTCwill be released soon. Some people believe Mt Gox will releaseBTC; some believe BTC will indeed be released soon, while others call the rumors “81} fake news.” Despite the credibility of the Mt Gox coin rumors, Twitter has seen hundreds of tweets on the topic Hundreds of tweets have been made on the subject.
What do you think about the cryptocurrency carnage where the global market capitalization of all existing crypto coins is below $1T? Let us know what you think about this subject in the comments section below.
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