On Saturday, August 27, 2022, the global market capitalization of all crypto assets in existence fell below the $1 trillion mark and leading crypto asset Bitcoin slipped below the $20K zone for the first time since mid-July.
The Crypto Economy Crater – Over $240 Billion Erupted in 13 Days
Digital currency markets are feeling the pain this weekend as the global cryptocurrency market capitalization is just under $1 trillion today, down 4% over the past 24 hours. This happened after the crypto economy fell more than 6% 24 hours ago. The major drop in the crypto market came soon after Fed Chairman 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% and 4.5% today over the past seven days and the leading crypto asset is trading for $19,968 per unit. BTC fell to a daily low of $19,766 per unit today at 11:39 am (EST). Ethereum (ETH), the second largest crypto asset by market valuation, fell 5.1% on Saturday and declined 8.8% this week.
The twenty thousand crypto assets in existence have $67.44 billion in 24-hour global trading volume, but Tether (USDT) commands $34.07 billion in total. The Centre’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 the global trading volume today.
While ETH declined 5.1% on Saturday, Solana (SOL) also declined 5% and Dogecoin (DOGE) lost 3%. The biggest losses today included a 11% drop in Lido Dow (LDO), a 6.8% drop in Radix (RDX) and a 6.9% drop in Ethereum Classic (ETC). Tokens Internet Computer (ICP), Chiliz (CHZ), DefiChain (DFI) and Polygon (MATIC) were able to rise between 2.3% and 5.2%.
The cryptocurrency economy is much lower in USD value compared to August 14, when the market capitalization of all coins in existence was $1.24 trillion. On the day, Bitcoin (BTC) jumped above the $25K area, and Ethereum (ETH) managed to rise above $2K per unit. Billions have been wiped out since that day, with more than $240 billion in damages, within just two weeks.
Where the Fed was to blame for yesterday’s downturn, today’s downturn is clouded Speculations and rumors on social media Gox Bitcoin Stash of 140,000 BTC will be released soon. Some believe that Mt Gox will release BTC really soon, while others are saying the rumor “fake newsGox coin nonsense, there are hundreds of tweets on Twitter discussing the subject.
What do you think about the cryptocurrency carnage that has seen the global market capitalization of all crypto coins less than $1T in existence exist? Let us know what you think about this topic in the comment section below.
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