RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home Cryptocurrency

Crypto market cap losses trillion-dollar status

Rate Captain by Rate Captain
June 13, 2022
in Cryptocurrency
Reading Time: 2 mins read
A A
0
US Crypto Mining Company Plans to Sell $30M Worth Equipment in Russia to Dodge Sanctions
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The entire cryptocurrency market capitalization has fallen below the $1 trillion mark as market sell-off intensifies, with Bitcoin falling below the $25,000 support zone, a price point not traded since December 2020.

Bitcoin’s fall under $25,000 during the Asian trading session is amid weakness in the macroeconomic environment and systemic risk from within the crypto market. The asset has slid for nearly twelve straight weeks, falling from nearly $49,000 in March 2022 to under $25,000.

AlsoRead

Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

Why Bitcoin investor are under water

Defi protocols declined by $124 billion in 6 weeks.

The market showed some signs of bottoming out in mid-May, after the Terra blockchain debacle, but worrying U.S. inflation data released last week did little to cushion falling sentiment. The consumer price index (CPI), the most widely tracked benchmark for inflation, rose 8.6% on a year-over-year basis in May, topping expectations that it would decline to 8.2% from April’s 8.3%.

Contributing to the fall is the decline seen in the Asian market today, Hong Kong’s Hang Seng fell nearly 3.5%, Japan’s Nikkei 225 fell 3.01%, while India’s Sensex dropped 2.44%. Futures of U.S. technology-heavy index Nasdaq opened 2% lower, while S&P500 fell 1.65%.

According to price-charts, bitcoin had strong support at the $29,000 mark, but the fall below that level now means that the cryptocurrency could drop to its 2017 high of nearly $20,000.

Readings on the Relative Strength Index (RSI) – a tool used by traders to calculate the magnitude of an asset’s price move – dropped under 30, suggesting a reversal could be on the way as short-term buyers react to technical data.

We are also seeing significant declines in the altcoin markets. As the saying goes, when Bitcoin sneezes, the altcoins market catches a cold. Ether, for example, is down over 17% today, currently trading $1,210 as of the time of this writing.

We are also seeing a lack of demand for the Ether as Ethereum alternatives, a term dubbed ‘Ethereum killers’, have gotten more institutional attention. Tokens like SOL, ADA and AVAX are seeing more institutional investments while Ether has seen more institutional divestment, data from CoinShares shows.

The altcoins market capitalization now stands at $510.6 billion, down over 27% in just 13 days in June.

The OKX Tether (USDT) premium is a good gauge of China-based retail crypto trader demand. It measures the difference between China-based peer-to-peer (P2P) trades and the United States dollar.

Excessive buying demand tends to pressure the indicator above fair value at 100%, and during bearish markets, Tether’s market offer is flooded and causes a 4% or higher discount. Recently, the Tether price in Asian peer-to-peer markets entered a 4% discount, signalling intense retail selling pressure.

The crypto market capitalization currently stands at $978 billion, down over 11% as the market selloff intensifies. YtD, the market has lost over 57%.

Previous Post

Bloodbath as Bitcoin falls below $25,000

Next Post

Binance pauses bitcoin withdrawals due to a ‘stuck transition’ as crypto sell-off deepens

Related News

Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

by Rate Captain
June 27, 2022
0

François Villeroy de Galhau, the Governor of the Bank of France, on Sunday said the recent crypto market meltdown caused...

Why Bitcoin investor are  under water

Why Bitcoin investor are under water

by Rate Captain
June 23, 2022
0

By default, investors are drawn to anything they can flock to as a hedge against high inflation, primarily to preserve...

Defi protocols declined by $124 billion in 6 weeks.

Defi protocols declined by $124 billion in 6 weeks.

by Rate Captain
June 21, 2022
0

The total value locked (TVL) on ethereum, a metric that attempts to track the value of tokens deposited in a...

Elon Musk says he will keep supporting Dogecoin amid $258 billion lawsuit

Elon Musk says he will keep supporting Dogecoin amid $258 billion lawsuit

by Rate Captain
June 20, 2022
0

Elon Musk, the self-proclaimed ‘Dogefather’, has finally broken silence today as he tweets about his favourite meme coin, stating that...

Next Post
Binance Under SEC Investigation Over its 2017 ICO Listing

Binance pauses bitcoin withdrawals due to a ‘stuck transition’ as crypto sell-off deepens

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

MTN’s MoMo alleges over ₦22bn fraud involving 18 banks

MTN’s MoMo alleges over ₦22bn fraud involving 18 banks

June 28, 2022
Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

June 27, 2022

Popular Story

  • World Bank say CBN’s policies continues to damage Nigeria’s business environment

    The World Bank Says Continued Development Finance Interventions Weakens CBN’s Control over Inflation

    0 shares
    Share 0 Tweet 0
  • Dangote Refinery Can Ease Nigeria’s Fiscal Pressure

    0 shares
    Share 0 Tweet 0
  • Interpol, Kenya Government Probe Three Nigerian Fintech Tycoons over N128 Billion from Nigeria

    0 shares
    Share 0 Tweet 0
  • Customers Trust in Banks More than in Crypto, France Central Bank Governor Says

    0 shares
    Share 0 Tweet 0
  • The mother of all economic crisis may be on its way

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.