The global cryptocurrency market capitalization has declined below $1 trillion, with several of the most prominent cryptocurrencies trading in the red, including Bitcoin, Ethereum, Binance, and others.
Bitcoin fell below $21,000 today. The world’s biggest cryptocurrency fell 6% to $20,298. According to CoinGecko, the worldwide crypto market worth was $1.02 trillion today, down 6% in 24 hours.
Ether, the second biggest cryptocurrency, fell 10% to $1,509. Ether outperformed the crypto market in recent weeks due to anticipation of the Merge.
The Ethereum Foundation revealed additional upgrade information this week, suggesting that preparations are moving well. The improvement will be finished between September 10 and 20.
Yes, it's not just a recession. And inflation remains high, and the Fed raises rates. And the stock market, the crypto market is in a bear market, and stagflation fears are on the rise
— Evelyn Davis (@EvelynDavis_) August 27, 2022
Dogecoin was down 7% at $0.06, while Shiba Inu was down 10% at $0.000013. BNB, Chainlink, Apecoin, XRP, Uniswap, Tron, Litecoin, Stellar, Binance USD, Polygon, Solana, Polkadot, Avalanche, and Tether values fell in the past 24 hours.
In DeFi, YFI declined 6.9% to $8,940.87. Its 24-hour volume rose 19.25% to $68,746,874. Avalanche (AVAX) was down 8.09% at $20.59 with a 24-hour trading volume of $561,482,667. Aave (AAVE) was down 8.08% at $82.61 on a 24-hour volume of $242,642,618.
Hopefully today. Yesterday SP500 dropped almost 4% and bitcoin just a bit more. Normally crypto drops more than traditional markets. So BTC and ETH has some catching up to do imo.
— Kaduna 🐕⛓️ (@CryptoKaduna) August 27, 2022
Bitcoin fell to the bottom of its two-week trading range after Jerome Powell cautioned against hastily relaxing policy. Since Friday, it’s moved between $22,000 and $20,000.
The Global Market
As of 6.30 pm, the global crypto market was $973.46 billion, down 6%. According to Coinmarketcap, trade volume rose 33.4% to $89.85 billion.
Decentralised finance currencies account for 6.93% of the 24-hour crypto market volume, or $6.23 billion. Stablecoin volume is $80.87 billion, or 90% of the 24-hour crypto market volume.
Saturday’s top gainer was Huobi Token (HT), up by 4.47% to $5.22. The top loser was Synthetix (SNX), down 13.86 per cent at $2.75.
First-half cryptos underperformed as the Fed raised rates to tackle excessive inflation. Some cryptocurrency lenders blocked client withdrawals after a large token fall, and numerous crypto companies slashed workers. Bitcoin has rebounded from mid-June lows, but No. Ether has risen because of excitement over Merge.