Bitcoin Huge Loss Plunges Crypto Market Cap to $1.85T
The massive selling spree seen in Bitcoin, the world’s largest crypto currency asset, has now dragged the market cap of entire digital currency lower to $1.85 trillion.
According to data from coinmarketcap.com, the global crypto market cap is down by 13.66% over the last 24 hours to $1.85 trillion as investors exited their positions.
Market records showed the total crypto market volume traded over the last 24 hours rose by about 185% to $185.06 billion.
The total volume in DeFi is currently $9.79 billion, according to data from the crypto exchange, representing 5.29% of the total crypto market 24-hour volume.
At the press time, the volume of all stable coins traded on crypto exchange reached $173.52 billion, which is 93.76% of the total crypto market 24-hour volume.
Bitcoin’s price was tumbling on Monday, mirroring a global selloff in stocks after a weaker-than-expected jobs report on Friday.
The largest and oldest token edged lower for much of the weekend before dropping sharply late Sunday. Bitcoin is down 10.4% at $52,960 – lowest level since Feb. 26
Crypto prices tend to fall when the economy weakens, in line with other high. Other tokens were also slumping. Ether fell 18% to $2,369, while Solana and Cardano both dropped 13%.
Crypto-linked stocks were struggling, too. Major exchange Coinbase and Bitcoin proxy MicroStrategy both tumbled 13%, while digital-payments platform Block fell 5.1%. Bitcoin is down roughly 33% from its record high of more than $73,000 hit in early March.
Earlier this year, markets celebrated the first spot for Bitcoin exchange-traded funds. Demand for ETF lifted Bitcoin price, and other crypto currency enjoyed improved buying sentiment in the market.
Ethereum, second-biggest crypto token, has lost 15.3% to $2,330 as cryptocurrency market continues to bleed on Monday. NNPC Has Deployed Team to Contain Fire Outbreak at Akaso Wellhead – NUPRC
