Crypto Economy Slides Under $1 Trillion, as Bitcoin and Ethereum Dive Below Previous Support Zones
On Saturday, August 27, 2022, the global market capitalization of all the crypto assets in existence dropped under the $1 trillion mark and the leading crypto asset bitcoin slipped below the $20K region for the first time since mid-July.
Crypto Economy Craters — More Than $240 Billion Erased in 13 Days
Digital currency markets this weekend are feeling the pain as the global cryptocurrency market capitalization today is just under $1 trillion, down 4% during the last 24 hours. That was after the crypto economy shed more than 6% the 24 hours prior. 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.
At the time of writing, bitcoin (BTC) is down 3.5% today and 4.5% over the last seven days and the leading crypto asset is trading for $19,968 per unit. BTC fell to a daily low today tapping $19,766 per unit at 11:39 a.m. (EST). Ethereum (ETH), the second largest crypto asset by market valuation slid 5.1% on Saturday and lost 8.8% this week.
There is $67.44 billion in 24-hour global trade volume across the twenty thousand crypto assets in existence, but tether (USDT) commands $34.07 billion of the aggregate. 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.
While ETH lost 5.1% on Saturday, solana (SOL) lost 5% as well and dogecoin (DOGE) shed 3%. The biggest losers today include lido dao (LDO) down 11%, radix (RDX) lost 6.8%, and ethereum classic (ETC) shed 6.9%. The tokens internet computer (ICP), chiliz (CHZ), defichain (DFI) and polygon (MATIC) managed to gain between 2.3% to 5.2%.
The crypto economy is a whole lot lower in USD value than it was on August 14, when the market capitalization of all the coins in existence was $1.24 trillion. That day, bitcoin (BTC) jumped over the $25K zone, and ethereum (ETH) managed to rise above $2K per unit. Billions have been erased since that day, in a matter of just under two weeks, more than $240 billion is gone.
PSA: MtGox is *NOT* distributing any coins this week, or the next week, or the week after that.
Source: I’m a MtGox creditor. The repayment system is not live yet.
Next step: Go and block @TheAltcoinHub for spreading this misinfo.
— Eric Wall (also supports X 🏴) (@ercwl) August 27, 2022
While yesterday’s downturn was blamed on the Fed, today’s drop is surrounded by speculation and rumors on social media that the Mt Gox bitcoin stash of 140,000 BTC is soon to be released. 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.
What do you think about the cryptocurrency carnage that has seen the global market capitalization of all the crypto coins in existence drop under $1T? Let us know what you think about this subject in the comments section below.