Crypto-Economy Drops Below $1 Trillion Mark as Bitcoin and Ethereum Plunge

The global market capitalization of all existing crypto assets fell below the $1 trillion mark and the top crypto asset, bitcoin, slipped below the $20,000 region for the first time since mid-July.

Crypto Economy Collapses – Over $240 Billion Wiped Out in 13 Days

The global cryptocurrency market capitalization is now just under $1 trillion, down 4% in the last 24 hours. This drop came after the crypto economy lost more than 6% in the previous 24 hours. The major drop in the cryptocurrency market took place almost immediately after Fed Chairman Jerome Powell delivered his speech at the annual Jackson Hole Economic Symposium on Friday.

Data from Coinmarketcap.com shows that 20,756 existing crypto assets are now worth less than US$1 trillion.

Bitcoin is down 3.5% today and 4.5% over the past seven days and the top crypto asset is trading at $19,968 per unit. Bitcoin fell to its daily low today touching $19,766. Ethereum slid 5.1% on Saturday and lost 8.8% this week.

The crypto-economy slips below the $1 trillion mark as bitcoin and ethereum dip below previous support zones.
BTC on August 27, 2022.

The 24-hour global trading volume stands at $67.44 billion for the existing twenty thousand crypto-assets, but tether (USDT) accounts for $34.07 billion of the total. The USD Center coin (USDC) also recorded $7.75 billion out of a total of $67.44 billion. The volume between USDT and USDC is 62.01% of world trade volume today.

The crypto-economy slips below the $1 trillion mark as bitcoin and ethereum dip below previous support zones.
ETH on August 27, 2022.

While ETH was down 5.1% on Saturday, solana was down 5% as well, and dogecoin was down 3%. The biggest losers today include lido dao (LDO) down 11%, radix (RDX) lost 6.8%, and ethereum classic (ETC) lost 6.9%. Internet tokens computer (ICP), chiliz (CHZ), defichain (DFI) and polygon (MATIC) managed to gain between 2.3% and 5.2%.

The cryptoeconomy is much weaker in USD value than it was on August 14, when the market capitalization of all currencies in existence was $1.24 trillion. On that day, bitcoin broke through the $25,000 zone, and ethereum managed to break above $2,000 per unit. Billions have been erased since that day, in just under two weeks, over $240 billion has disappeared.

While yesterday’s drop was blamed on the Fed, today’s is surrounded by social media speculation and rumors that Mt Gox’s reserve of 140,000 bitcoins will soon be released. Some think that Mt Gox will sell its bitcoins very soon, while others call the rumors “fake news.” Despite the veracity of the Mt Gox coins discussion, there are hundreds of tweets discussing the topic on Twitter.



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Crypto-Economy Drops Below $1 Trillion Mark as Bitcoin and Ethereum Plunge


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