Crypto economy sinks below magic limit
The crypto economy is slipping below the magical $1 trillion value. This as Bitcoin plunges below previous support sin.
The recovery of the crypto economy is not yet there. Last weekend, the global market cap of all existing crypto assets fell below $1 trillion. The most famous coin of all, crypto-asset Bitcoin, dropped below the $20K region for the first time since mid-July.
Crypto economy is sinking
The digital currency currency markets had a rough weekend. This is because the global cryptocurrency market cap is just under $1 trillion, down 4% in the past 24 hours. That was after the crypto economy lost more than 6% in the 24 hours before. The crypto market’s major decline came almost immediately after Fed Chair Jerome Powell delivered his speech at the annual Jackson Hole Economic Symposium on Friday.
At the time of writing, Bitcoin (BTC) is down 3.5% and 4.5% in the past seven days and the leading crypto asset is trading at $19,968 each. Ethereum (ETH), the second-largest crypto asset by market valuation, fell 5.1% on Saturday, losing 8.8% last week.
Lower
The crypto economy is a lot lower in USD value than it was on August 14, when the market cap of all existing coins was $1.24 trillion. That day, Bitcoin jumped the $25K zone. Since that day, billions have disappeared, in a matter of just under two weeks, more than 240 billion dollars has disappeared. Ouch.
A Fed speech always has influence. But there’s something else going on. There are rumors on social media that the 140,000 BTC Mt Gox Bitcoin stash will be released soon. This will certainly affect the price.
