Crypto market sinks by $300B while Bitcoin transactions near 3-year low

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The value of all cryptocurrencies fell to a three-year low Tuesday, dragged down by the majority of the coins, as the market continues to price in the prospect of a regulatory crackdown. The combined market capitalization of all cryptocurrencies fell to $300 billion Wednesday, its lowest level since January, and has now dropped 20 percent from its peak last month.

January 29, 2019 The market has been a little slow lately, but the cryptocurrency market isn’t the only market that’s seen some very heavy losses recently. The total market capitalization of all cryptocurrency is currently at an all-time low, and the market has lost $462 billion in value since the start of the year.

The US Securities and Exchange Commission (SEC) recently rejected a proposed bitcoin ETF, the first such product that would have let investors buy the cryptocurrency with an index fund—a decision that sent the price of bitcoin tumbling. The crypto market as a whole is having a rough year, with the combined value of all crypto coins losing over $300 billion since the beginning of the year.. Read more about bitcoin price and let us know what you think.

Crypto market sinks by $300B while Bitcoin transactions near 3-year low The global cryptocurrency market lost $200 billion overnight, leading to a loss Tuesday morning, and $300 billion over the course of the week. Since bitcoin (BTC) reached its recent peak in April, followed by an altcoin spike in early May, global market capitalization has begun to decline. Since then, losses have risen to $1.1 trillion and the previous quarter’s growth has been completely wiped out across the cryptocurrency space. The recent decline also coincides with a significant drop in the number of transactions going through the Bitcoin blockchain. According to Bitinfocharts, the number of daily bitcoin transactions fell to 175,000 on May 30, a near three-year low dating back to September 2018. In January 2021, the number of bitcoin transactions reached 392,000 and stayed there until the 15th. April, two days after the peak of the price of the piece, quite stable. Since then, both markets have declined, with the number of transactions falling by more than 50% in May. A similar pattern was observed for Ether (ETH), where daily trading went from 1.6 million on May 11 (the same day the coin’s price peaked) to 1 million on May 6. In June, there was a 37.5% drop. The number of transactions per chain does not give a complete picture for Bitcoin or Ether, as the former is used in the Lightning network and the latter in its own set of layer 2 protocols. The dollar value of coins locked on the Lightning Network also fell sharply, following a decline on the 14th. In April, it reached a record $76 million, which dropped to $47 million at the time of publication. Whether the general decline will continue is the subject of intense speculation by market analysts, who make both optimistic and grim predictions about the future direction of the BTC coin price.After starting the week at $12,644, Bitcoin today stands at $7,863, with crypto markets as a whole losing $300 billion in value. As the market has generally been volatile this year, the turnaround is somewhat surprising, especially when one considers the impact of the U.S.-China trade war. Bitcoin has also been pointed to as a safe haven asset, as the cryptocurrency has continuously held its value throughout 2018. It is also still the most popular cryptocurrency, with a market cap of $108.5 billion, and is the first one listed on the New York Stock Exchange under the ticker symbol BTC.. Read more about what happened to bitcoin 2021 and let us know what you think.

Frequently Asked Questions

Why is the coin market crashing?

Mt. Gox, which was once the go-to place for buying and selling Bitcoin, is in the midst of an existential crisis, prompting a wave of withdrawals and even some dramatic departures from the crypto-community. It looks like the exchange will be sold at auction or seized if it fails to pay back creditors. The value of the digital currency is also tumbling after a massive selloff in the wake of a report that Goldman Sachs is working on a Bitcoin trading desk. The crypto market is experiencing an unprecedented decline. Bitcoin is approaching its lowest point in 2018 – and the rest of the top 10 coins are following suit.

What causes crypto drops?

In the midst of a volatile crypto market, Bitcoin’s dominance is at its lowest level since November 2017. BTC dominance has fallen from 61% at the start of the year to now less than 50%. Meanwhile, XMR dominance has risen from less than 10% to now more than 23%, indicating a higher amount of Monero is being used in a Bitcoin transaction. Friday on a crypto market that had seen a roughly $300 billion crash overnight, bitcoin’s price was down 4.3% at $5,358. The largest market, ether, was off 6.6%, and other major coins were also in the red. BTC trading volume was up $4.7 billion, to $18.9 billion, and altcoin volumes were up 5%, to a record $32.9 billion. Altcoins have been hit hard by the market selloff, with six of the top 10 coins down double-digits.

Why did Bitcoin sudden drop?

Bitcoin plunged on Tuesday, tumbling more than six percent in the biggest one-day drop in nearly two years. The last time the crypto market saw such a broad sell-off was in mid-December, when it crashed nearly 10 percent. Earlier this month, Wall Street analysts were quoted by Bloomberg as saying that bitcoin was “at a bubble stage,” according to one banking expert. Cryptocurrency market appears to have taken a hit after a number of exchanges, including Bitfinex, suffered a major outage on Tuesday. The outage followed another crash in the crypto market on Monday, when Bitcoin tumbled more than 8% in a matter of hours. While the cause of the crash is still being investigated, it is thought that the decline in value may have been triggered by news of North Korea’s alleged plans to launch a satellite.

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Emilia James
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