$ 19,100.92
$ 1,333.40
$ 1.00
$ 0.457703
$ 0.487039
$ 1.00
$ 0.000229

Market Cap of Cryptocurrencies is $800 Billion Short

Bleta. M
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

Cardano currently has more than 3,000 stake pooling and decentralization features

ETH PoS Approach Lags Compared to Cardano’s Says Charles Hoskinson

In an interview, Charles Hoskinson, the founder of Cardano stated that Cardano had a superior proof-of-stake (PoS) strategy over Ethereum, in light of the change in consensus mechanism from PoW to PoS.  Charles Hoskinson discussed the launch of Cardano, the upgrade to Vasil’s hard fork, the launch of Dapps, the LACE light wallet, decentralization, CBDC (Central Bank Digital Currency), as well as the metaverse. The IOG/Cardano Foundation team effectively initiated

Read More »
Immediately following the announcement, Bitcoin's (BTC) price wavered for a while before dropping along with American stocks.

75 Basis Point Rate Hike by the Fed Sends Cryptocurrencies on a Downward Spiral

The much-awaited Fed rate hike has finally been announced, and as predicted, it delivered a significant hit to the larger cryptocurrency market on September 21. 75 bps were added to the Fed’s policy rate, bringing it to a level of 3 – 3.25%. The ensuing rises constitute the central bank’s swiftest change in policy since the 1980s, and this statistic shows a significant rise from March of 2022 when the

Read More »
In a separate move, an impartial third party was already established to investigate the finances of Celsius.

Wrapped Assets to be Issued by Celsius to Compensate Users

According to a newly released voice memo, Celsius Network execs are considering repaying clients by issuing freshly wrapped assets to exchange on other networks. The co-founder and CEO of Celsius, Nuke Goldstein, seems to go into greater detail about the company’s plan to reimburse Earn consumers in the tape that Tiffany Fong published. The earlier leaked meeting audio is attributed to Celsius’s client and public person Fong. The Block claims

Read More »

My Coins

$ 19,100.920.4%
$ 1,333.400.69%
$ 1.000.04%
usd-coinUSD Coin
$ 1.000.04%

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:

[email protected]

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: [email protected]