Cryptocurrency collapse continues. Losses climb to $2.5 trillion from Investing.com

Cryptocurrency collapse continues.  Losses climb to .5 trillion from Investing.com
Cryptocurrency collapse continues.  Losses climb to .5 trillion from Investing.com

Cryptocurrency collapse continues. Losses climb to $2.5 trillion from Investing.com

©Reuters.

Investing.com – The cryptocurrency market’s losses haven’t stopped amid the back-to-back events that have started to storm the cryptocurrency since last week with news of the collapse of one of the largest currency companies.

As rumors of the FTX platform collapsing circulated until the official announcement that the platform filed for urgent bankruptcy to protect it from creditors, the cryptocurrency market’s losses escalated at a tremendous pace.

250 billion

In less than a week, the cryptocurrency market capitalization recorded losses of about $250 billion in just 6 trading days.

The market value of digital currencies fell from pre-crash levels of $1.07 trillion while now trading near sub-$830 billion levels.

This coincides with the eruption of a violent wave of losses in the 200 largest digital currencies, led by the largest Bitcoin, which lost almost a quarter of its value in a week.

$2.5 trillion

According to CoinGeco data, the cryptocurrency reached its highest ever cap level in early November 2021, when the market cap at the time surpassed $3.3 trillion.

According to data today, Sunday, digital currencies have lost nearly $2.5 trillion in value in a year and are trading at nearly $830 billion.

market now

Contrasting with Bitcoin’s declines, it is now down 3% near the $1.22k level while losing a quarter of its value during FTX’s recent crash wave with losses of 25%.

Binance Coin fell 3.1% to a level of $277 while its losses widened in a week, shedding a fifth of its value, 22% as its market value fell to $44 billion.

It is now down 5.2%, while it lost 30% of its value during the last crash, as it has a market value of less than 18 billion years.

It is down 7% while down 30% in a week, and its market value is $11.3 billion while hovering near the $0.085 level as it still retains some of its profits from Musk’s tweets , while it increases by 42% in one month.

It is down 4% during today’s trading and 23% in a week, and Polygon Matic is down 7% and 23% in a week and 7% and 28% in a week.

While down 13%, it lost almost 63% in the week of the crash as its market value fell below $5 billion and ranked 14th among cryptocurrencies.

The OX currency fell to the $0.05 level, down 4% during today’s trading on Sunday while it has declined within 20 in a week, and its market value is $4.8 billion.

On the other hand, a currency hovering near $5.7 with a slight gain of no more than 1%, while the currency depreciated by 20% in the week of the collapse, with a market value of 6, $5 billion.

panic back

The fall of digital currencies and the violent demise of the largest cryptocurrency, Bitcoin, coincided with the return of panic and panic that gripped crypto bulls tighter and sent bears into frenzied selling.

Meanwhile, the Crypto Fear & Greed Index was recorded, which measures the psychology of traders in the crypto market by chasing violent downtrends.

During these moments of trading on Sunday, the index was 22 points, its lowest since October 25 trading, compared to 40 points, last week’s average, revealing the shift in traders’ feelings from fear to intense anxiety.

milestone shocks

The collapse of the TFX currency and the stock market over the past week

The collapse of the stablecoin Terra Luna in June 2022

Fed pressures and rate hike expectations last June

The article does not express a recommendation or nomination, but simply a monitoring of market fluctuations, since trading digital currencies involves high risks, including the risk of losing part or all of the investment amount, since it is not fully subject to the authorities and markets .


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