Crypto Economy Slips Below $1 Trillion as Bitcoin and Ethereum Plunge Below Former Support Zones – Market Updates Bitcoin News
On Saturday, August 27, 2022, the global market cap of all crypto assets in existence fell below $1 trillion and leading crypto asset Bitcoin slipped below the $20,000 region for the first time since mid-July.
Crypto Economy Craters – More than $240 billion erased in 13 days
Digital currency markets are feeling the pain this weekend as the global cryptocurrency market cap is just under $1 trillion today, down 4% over the past 24 hours. That was after the crypto economy lost more than 6% in the previous 24 hours. The big drop in the crypto market came almost immediately after Fed Chair Jerome Powell spoke at the annual economic symposium in Jackson Hole on Friday.
Data from Coinmarketcap.com shows that 20,756 crypto assets in existence are now worth less than $1 trillion.
At the time of writing, Bitcoin (BTC) is down 3.5% today and 4.5% over the past seven days, and the leading crypto-asset is trading at $19,968 per unit. BTC fell to an intraday low today, hitting $19,766 per unit at 11:39 am EST. Ethereum (ETH), the second largest crypto asset by market valuation, slipped 5.1% on Saturday and is down 8.8% this week.
BTC/USDT chart on Aug 27, 2022.
There is a global trading volume of $67.44 billion in 24 hours across the twenty thousand crypto assets in existence, but Tether (USDT) boasts $34.07 billion of the total value. The USD Coin of the Center (USDC) has also recorded $7.75 billion out of a total of $67.44 billion. The volume between USDT and USDC accounts for 62.01% of global trading volume today.
ETH/USDT chart on Aug 27, 2022.
While ETH was down 5.1% on Saturday, Solana (SOL) was also down 5% and Dogecoin (DOGE) was down 3%. The biggest losers today include Lido Dao (LDO) down 11%, Radix (RDX) down 6.8% and Ethereum Classic (ETC) down 6.9%. The tokens Internet Computer (ICP), Chiliz (CHZ), Defichain (DFI) and Polygon (MATIC) gained between 2.3% and 5.2%.
The crypto economy has a much lower USD value than it did on August 14, when the market cap of all coins in existence was $1.24 trillion. On the day, Bitcoin (BTC) jumped above the $25,000 zone and Ethereum (ETH) managed to surge above $2,000 per unit. Since that day, billions have been erased, with more than $240 billion gone in just under two weeks.
PSA: MtGox is giving out *NO* coins this week or the next week or the week after.
Source: I am a MtGox believer. The refund system is not live yet.
Next step: Go and block @TheAltcoinHub for spreading this misinformation.
— Eric Wall (also endorses X 🏴) (@ercwl) August 27, 2022
While yesterday’s downturn has been attributed to the Fed, today’s drop has been surrounded by speculation and rumors on social media that Mt. Gox’s 140,000 BTC Bitcoin stash is set to be released soon. Some believe Mt. Gox will release BTC very soon, while others call the rumors “fake news.” For all the veracity of the Mt Gox coin babble, there are hundreds of tweets discussing the issue on Twitter.
tags in this story
Bitcoin, Bitcoin Markets, BTC, Crypto, Crypto Economy, Crypto Markets, Cryptocurrencies, Dogecoin (DOGE), ETH, Ethereum, Fed, Jerome Powell, Market Cap, Market Valuation, Markets, Solana (SOL), Under $1 Trillion, Under $20 K
What are your thoughts on the cryptocurrency carnage that has seen the global market cap of all crypto coins in existence fall below $1 trillion? Let us know what you think about this topic in the comment section below.
Jamie Redman
Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. As of September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about today’s emerging disruptive protocols.
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