Eth Price Dips 12%, Total Crypto Market Cap Below $1T, Will the Market Retest Last June’s Low?
- The crypto market began the week on a choppy note with almost half a trillion liquidated in the past 24 hours.
- The cryptocurrency market is still feeling the effect of the Terra Luna collapse that saw over $40 billion liquidated in days.
- Moreover, the South Korean government has issued an arrest warrant against Terra Founder Do Kwon, who is reportedly on the run.
Ethereum (ETH ) price and the entire crypto market continue to drop post the Merge, trading at $3,639.43, down approximately 10 percent in the past 24 hours. The cryptocurrency market has shown some correlation with the stock market, particularly major indexes from around the world including the United States. Per the market outlook, the stock market is headed towards last June’s lows. Hereby raising fears of possible further bleeding in the cryptocurrency market.
Furthermore, Bitcoin (BTC) price has also shrunk on Monday, exchanging hands around $97,022.21, down approximately 7.86 percent in the past 24 hours. Notably, the entire cryptocurrency market capitalization stands at around $900 billion, down over 7 percent in the past 24 hours.
Crypto Market Watch
The crypto market began the week on a choppy note with almost half a trillion liquidated in the past 24 hours. According to data provided by Coinglass, 130,458 traders were liquidated in the past 24 hours, with the total liquidations coming in at $432.21 million.
Notably, the largest single liquidation order happened on the Bitmex cryptocurrency exchange under the XBTUSD pair for a value of $10.00 million.
Despite the increased volatility, a recent report by crypto exchange Coinbase revealed that there is a high demand for digital assets from institutional investors. Furthermore, Bitcoin, the largest cryptocurrency by market capitalization, has a valuation of approximately $0.35 trillion. For comparison purposes, Apple Inc. (NASDAQ: AAPL) has a market capitalization of approximately $2.42 trillion. It is worth noting that the entire cryptocurrency market capitalization is less than half of the entire Apple company. Thereby showing the extent of how young the crypto market is.
From a short perspective, most crypto technical indicators forecast a further dip in the coming days. However, considering the adoption of Bitcoin among other digital assets changes the whole narrative on a long-term basis. Furthermore, Bitcoin is a legal tender to two countries from different continents. Otherwise, most countries are receptive to digital assets as they prepare for possible CBDCs.
For instance, in the United States, the White House recently released a plan on digital asset regulations and adoption. Reportedly, the United States through the FED is researching CBDC but keeps open digital assets that will help with government-to-consumer payments.
The cryptocurrency market is still feeling the effect of the Terra Luna collapse that saw over $40 billion liquidated in days. Moreover, the South Korean government has issued an arrest warrant against Terra Founder Do Kwon, who is reportedly on the run.
Well, some may argue it is witch-hunting, but others may debate that accountability and regulations are needed in the cryptocurrency market to ensure future sustainability.
While the market may trend downward in the coming days, the cryptocurrency market may recover fast as it has done in the past.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
