The crash of the crypto market that began yesterday shows no signs of slowing: All top 10 cryptocurrencies by market value (excluding stablecoins) have posted double-digit losses in the past 24 hours.
Total Market Capitalization Drops 16%
According to CoinMarketCap, Bitcoin is down more than 16% in the past 24 hours and it is currently trading at around $47,333. Ethereum fell more than 14% and traded at around $3,938, while Polkadot was the biggest loser among the top 10 cryptocurrencies, falling more than 22% to $28.21. Bitcoin’s price has fallen more than 32% since hitting a record high of more than $69,000 last month.
BTCUSDT 4H Chart. Source: TradingView
The crash caused the total market value of all cryptocurrencies to evaporate by more than $1 billion, dropping 16% to just over $2.3 trillion in the past 24 hours. Just a month ago, when Bitcoin hit an all-time high, its total market value was just over $3 trillion.
Cryptocurrency and Stocks Collapse
The price of the cryptocurrency is in sync with the stock market crash. The Nasdaq index closed on Friday on the 2% decline in technology stocks, and as the Omicron coronavirus variant spreads globally, economic uncertainty has re-emerged. At the same time, people are increasingly expecting the Fed to hike rates to prevent inflation from rising.
At the same time, in China, the chairman of troubled real estate giant Evergrande was summoned by the Guangdong provincial government because the company said it could “not guarantee sufficient funds to repay its debts.” The provincial government announced that, at Evergrande’s request, it would send a group of officials to review its debt rescheduling plan abroad.
