Markets wipe off 1 Trillion since November 2021
Till now, this has been the situation from the beginning of 2022, and it has remained thus until the present day. Since the beginning of the year, cryptocurrency prices have dropped by 16 percent, with the price of Ethereum falling by 22 percent in the same time frame, according to CoinMarketCap. Markets wipe off 1 Trillion since November 2021
Since the beginning of the year, bitcoin has dropped by 16 percent in value. According to CoinMarketCap, the downward trend in Bitcoin and other cryptocurrencies was reaffirmed on Wednesday, with Bitcoin falling to its lowest level in five months and presently trading at $35,017.34 USD. Markets wipe off 1 Trillion since November 2021
Additionally, the decreasing trend in Bitcoin and other cryptocurrencies was reiterated on Tuesday, according to cryptocurrency news sources. Following in the footsteps of Bitcoin, Ethereum, the second most valuable cryptocurrency after Bitcoin, is having troubles as well. Ethereum, with a current market capitalization of $2,451.47, is the second most susceptible cryptocurrency, behind only Bitcoin in terms of market volatility. In addition to Bitcoin, Ethereum, the second most valuable cryptocurrency after Bitcoin, is now having challenges, according to CoinMarketCap. Ethereum is the second most valuable cryptocurrency after Bitcoin.
Markets wipe off 1 Trillion since November 2021
In the two years after hitting an all-time high of $69,000 in November 2021, Bitcoin’s price has declined by 40%, bringing the cryptocurrency to its present position. As a consequence of this crime, more than $1 trillion has been removed from the cryptocurrency market, which has been worsened by the drop in the value of other cryptocurrencies since the beginning of 2013.
According to Coinmarketcap’s figures, the cryptocurrency market has lost more than $150 billion in market value in the last 24 hours, according to the cryptocurrency research website’s estimates. According to estimates from the cryptocurrency market capitalization calculator Coinmarketcap, the total market value of all cryptocurrencies has declined by 14.75 percent over the same period, with the market presently valued at $1.57 trillion, a reduction of 14.75 percent from the previous month (US dollars). Markets wipe off 1 Trillion since November 2021
The value of Bitcoin dropped 8.57 percent in the preceding 24 hours, and the value of Ethereum dropped 14.67 percent in the same time period, according to CoinMarketCap. In the early hours of Wednesday morning, a handful of stable coins that are among the top 100 most valued cryptocurrencies stood out as the only ones to demonstrate positive performance on a day in which the vast majority of cryptocurrencies were swimming in negative waters. Other well-known cryptocurrencies, such as Cardano, have had their values plummet by around 17.69 percent in the previous 24 hours, while the price of Solana has plummeted by approximately 23.44 percent in the same time period.
The declaration by the Central Russian Bank that it intended to impose a blanket ban on cryptocurrency exchange and circulation, as well as mining and other related activities, sent shockwaves through the cryptocurrency community that echoed for many days. As a result, the announcement sent shockwaves across the cryptocurrency community, which is second only to the United States in terms of bitcoin mining capacity and production (as well as other associated businesses).
Because of the Federal Reserve’s strong approach, as well as an imminent interest rate hike in March 2022 and the dismal performance of the information technology sector, the market is becoming more perplexed. Markets wipe off 1 Trillion since November 2021
The Federal Reserve is expected to increase interest rates on a number of times throughout the course of this year, as part of its ongoing effort to preserve price stability in the economy. As a consequence of the decrease, riskier asset classes such as cryptocurrencies will see a sell-off, while bond yields will appear to be much more tempting as a result of the decline. Markets wipe off 1 Trillion since November 2021
Because of this, the Biden administration and Congress have shown increased interest in the implications of cryptocurrencies, with the federal government attempting to develop a comprehensive framework that would include a broad spectrum of digital assets. Because of growing institutional interest in cryptocurrencies, as demonstrated yesterday, a growing correlation between the cryptocurrency market and the stock market is developing, which has a negative impact on cryptocurrencies.
This was a contributing factor to the massive sell-off that occurred on Wall Street that day. Stocks on Wall Street have plummeted for the third week running, according to CNBC, with the Nasdaq Composite down 7.6 percent and the S& P 500 down 5.7 percent, respectively. This has not only contributed to the cryptocurrency sell-off, but it has also compounded the reduction in the value of the coin, which has led in the sell-off of other cryptocurrencies as a consequence. Markets wipe off 1 Trillion since November 2021
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