Crypto Economy Drops Below $1 Trillion As Bitcoin And Ethereum Drop Below Previous Support Zones – Market Update Bitcoin News


On Saturday, August 27, 2022, the global market capitalization of all cryptocurrencies in existence dipped below $1 trillion, with the leading crypto asset Bitcoin falling below the $20,000 territory for the first time since mid-July.

Crypto Economy Crater — over $240 billion erased in 13 days

The digital currency market is feeling the pain this weekend as the global cryptocurrency market capitalization today is just under $1 trillion, down 4% in the last 24 hours. That’s after the crypto economy fell more than 6% in the last 24 hours. The sharp drop in the cryptocurrency market came just after Fed Chairman Jerome Powell delivered a speech at the annual Jackson Hole Economic Symposium on Friday.

Crypto Economy Drops Below $1 Trillion As Bitcoin And Ethereum Drop Below Previous Support Zones
According to Coinmarketcap.com data, the 20,756 crypto assets in existence are currently worth less than $1 trillion in USD value.

Bitcoin (BTC) is down 3.5% today and down 4.5% over the past seven days at the time of writing, with the leading crypto asset trading at $19,968 per unit. BTC hit a daily low today at 11:39am EST when he hit $19,766 per unit. Ethereum (ETH), the second-largest crypto asset by market valuation, fell 5.1% on Saturday, and he is down 8.8% this week.

Crypto Economy Drops Below $1 Trillion As Bitcoin And Ethereum Drop Below Previous Support Zones
BTC/USDT chart on August 27, 2022.

Across the 20,000 crypto assets in existence, the 24-hour global trading volume is $67.44 billion, while Tether (USDT) accounts for $34.07 billion in total. The center’s US dollar coin (USDC) also recorded $7.75 billion out of a total of $67.44 billion. The volume between USDT and USDC represents his 62.01% of the world’s trading volume today.

Crypto Economy Drops Below $1 Trillion As Bitcoin And Ethereum Drop Below Previous Support Zones
ETH/USDT chart on August 27, 2022.

ETH fell 5.1% on Saturday while solana (SOL) also fell 5% and dogecoin (DOGE) fell 3%. The biggest losers of the day were Lido Dao (LDO) down 11%, Radix (RDX) down 6.8% and Ethereum Classic (ETC) down 6.9%. Tokens Internet Computer (ICP), Chiliz (CHZ), Defichain (DFI) and Polygon (MATIC) rose between 2.3% and 5.2%.

The crypto economy is significantly less worth the US dollar than it was on August 14th, when the market cap of all coins in existence was $1.24 trillion. Bitcoin (BTC) jumped his $25,000 zone that day, and Ethereum (ETH) managed to break above $2,000 per unit. Billions have been erased since that day, and in just under two weeks he has lost more than $240 billion.

Yesterday’s recession was blamed on the Fed, but today’s decline Speculation and rumors on social media 140,000 BTC Mt Gox Bitcoin stash to be released soon. Some believe Mt. Gox will release BTC soon, while others are rummaging.fake newsThere are hundreds of tweets on Twitter discussing the subject, even though the Mt Gox coin chatter is true.

Tags for this story

Bitcoin, Bitcoin Market, BTC, Crypto, Crypto Economy, Crypto Market, Cryptocurrency, Dogecoin (DOGE), ETH, Ethereum, Fed, Jerome Powell, Market Cap, Market Cap, Market, Solana (SOL), 1 Trillion Less than $20K

What do you think of the cryptocurrency carnage that saw the global market cap of all cryptocurrencies in existence fall below $1 trillion? Let us know what you think about this in the comments section below.

Jamie Redman

Jamie Redman is a news lead for Bitcoin.com News and a financial technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about disruptive protocols currently emerging.




image credit: Shutterstock, Pixabay, Wiki Commons

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