- Crypto market cap fell below $900 billion since 2021 February.
- The market fails to get going since Jerome’s speech.
- BTC floats at $18,460 while Ethereum trades at $1,294, as opposed to the expectation of experts.
The volatile nature of the cryptocurrency market saw its total market value fall below $ 1 trillion. According to CoinMarketCap, the total value of currencies in circulation stood at approx.$899 billion at the time of writing. As per the sources, the last time that the crypto market reached these levels was back in February 2021.
Jerome Powell, chair of the Federal Reserve’s speech, at the Jackson Hole economic symposium is believed to have had a great impact on the market.
Following Powell’s speech, the market US indices like the tech-focused Nasdaq and S&P500 lost about 3.9% and 3.4% respectively on a self-same day.
Meanwhile, Bitcoin took a hit of 20% in one single day last Monday selling at about $21,800 on some exchange platforms. Nonetheless, as of press time, BTC is trading at $18,445 suffering a weekly downfall of 16.9% and approx. 8% fall in the last 24 hours.
Similarly, Ethereum, the currency which is much spoken about with the Merge, is trading at $1,294 having fallen in price by 26% in 7 days and 11% in 24 hours. Specifically, not the result that experts were expecting with the Merge.
According to Market Coin Cap, Binance coin holds the fifth place, while the stablecoins, Tether, and USD Coin share the 3rd and 4th place respectively. Binance coin is trading at $258.5 with a decrease of 12.8% in 7 days and a fall of 6.8% in 24 hours. Binance USD, XRP, Cardano, Solana, and DogeCoin shared the 6th, and 7th, 8th,9th and 10th places respectively, at the time of writing.