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.
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.
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.
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.
PSA: MtGox *will not* distribute coins this week, next week, or the week after.
Source: I am a MtGox creditor. The repayment system is not yet operational.
Next Step: Go and Block @TheAltcoinHub To spread this misinformation.
— Eric Wall (also supports X 🏴) (@ercwl) August 27, 2022
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.
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.
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