$ 37,853.42
$ 2,764.82
$ 1.00
$ 0.77128
$ 0.596295
$ 0.999999
$ 79.79

Market Cap of Cryptocurrencies is $800 Billion Short

Market Cap is Down $800 Billion

Bitcoin (BTC) keeps struggling from the bearish sentiment in the market, fighting at important technical levels of $30,000, while the market capitalization of cryptocurrencies has lost $800 billion in a month.

On Tuesday, the crypto market capitalization fell to $1.4 trillion, a far cry from its all-time high of $2.9 trillion in November 2021. The fourth-largest stablecoin in the world, TerraUSD (UST), lost its peg to the US dollar on May 10, plunging below $1 and losing over 30% of its value as the overall crypto market continues to plummet.

During Wednesday’s Asian trading session, Bitcoin (BTC) fell under $30,000 for a short while before recovering to around $31,703. Bitcoin (BTC) is down more than 56% from its November all-time high of almost $69,000. The second-biggest cryptocurrency by market capitalization, Ethereum (ETH) has dropped to about $2,386 per unit, a decline of nearly 2.64 % in just 24 hours.

Glassnode, the blockchain data provider revealed that “Bitcoin remains highly correlated to the broader economic conditions, which suggest the road ahead may, unfortunately, be a rocky one, at least for the time being.”

Although the Federal Reserve’s rate increases have hurt cryptocurrencies, investors do not appear to be deterred. According to a report published Monday by Coinshares, the digital asset management firm, $45 million was invested in linked crypto funds and products the week before.

Edward Moya, the OANDA market analyst said that “Institutional investors are paying close attention to bitcoin, and a lot of people who bought last year are now losing money on their investments.” He confirmed that  “Bitcoin broke through key technical levels as Wall Street’s relentless selling pressure continues.”

Also read:

Related News

A revealing finding of legal documents could shed more light on what caused the dramatic Terra (LUNA) and TerraUSD (UST) price collapse.

Suspicions Rise as Documents Surface Showing that Do Kwon dissolved Terraform Labs Korea days prior to the collapse of LUNA

A revealing finding of legal documents could shed more light on what caused the dramatic Terra (LUNA) and TerraUSD (UST) price collapse. Legal documents disclose the dissolution of two South Korean branches and the liquidation of the Terraform Labs Korea firm in the days leading up to the cryptocurrency collapse, which has been dubbed the “Lehman Brothers of crypto” by a number of people. According to information collected from the

Read More »
Preston Van Loon, an Ethereum (ETH) core developer, said at a discussion at the Permissionless conference that The Merge might happen in August of 2022.

Ethereum 2.0 to be Completed in August Says Vitalik Buterin

The Merge will be finalized in August, according to Vitalik Buterin and several key Ethereum developers A most coveted event in the 7-year existence of Ethereum (ETH), according to the project’s co-founder, Vitalik Buterin, and several key Ethereum (ETH) developers, might happen in the coming months. This must execute before the network is slowed by the difficulty bomb process.  Preston Van Loon, an Ethereum (ETH) core developer, said at a

Read More »
The native currency of Revolut will not be a stablecoin but it does have an aim to make loyalty tradeable, said the CEO.

Revolut CEO Says Future Native Token to Reward Loyalty of Users

CEO Nik Storonsky revealed in an interview that Revolut’s proposed native cryptocurrency will attempt to award clients for their loyalty, as well as specifics on the upcoming non-custodial wallet of the neobank. At the Finance FWD conference in Hamburg Storonsky said that the long-rumored currency, supposedly called “Revcoin”  will work similarly to airline Air Miles programs, wherein users receive benefits according to how frequently they use the services provided. The

Read More »

My Coins

$ 37,853.421.33%
$ 2,764.821%
$ 0.771281.68%
$ 1.000%
$ 79.791.45%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: