Crypto Bloodbath, $350 Billion In Market Cap Gone In 48 Hours

Keshav Verma

4 years ago

3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin and altcoins alike, the entire crypto space takes a beating, losing $350 billion in market cap in just 48 hours.

As a result, the market cap is just around 1.2 trillion today, the lowest it has been since the start of the year.

Bitcoin price dropped below $30k due to the fud caused by China‘s recent crypto crackdown movements. As it usually is the case, the other coins also dipped in response to that.

Altcoins Suffer Double Digit Losses

The crash seems to have hit the alternative coins pretty hard as all the major ones seem to be in the red by double digit percentages.

Here is a chart on Quantify Crypto that shows all the major cryptocurrencies with their daily changes in value as of Tuesday:

The entire crypto market is shook | Source: Cryptocurrency Price Heatmap on Qunatify Crypto

Ethereum (ETH) is down almost 12% to $1753. Only a week ago, ETH was above $2600.

The third largest coin by market cap is Binance Coin (BNB), and it’s floating around $237 right now. Thus, it has fallen off by 23%.

Dogecoin (DOGE) has suffered a loss of 25%, one of the biggest decrease on the map. It has gone down to about $0.17.

Here is a quick rundown of the other major altcoins:

Cardano (-21%), XRP (-23%), Polkadot (-22%), Uniswap (-18%), Bitcoin Cash (-18%), Litecoin (-19%), and ChainLink (-18%).

During the $350 billion market cap drop in the past couple of days, Bitcoin actually gained more dominance with an increase of about 1.28% in the last 24 hours.

Over the last 7 days, however, BTC has dropped in market cap by about 18%.

Bitcoin Price

Bitcoin’s price has dropped below $30k for the first time since January. This means it has lost over 9% in value over the past 24 hours.

Also, it’s year-to-date return has fallen down to just 3%, when only yesterday it was riding over 10%.

Here is how its market cap has changed over the period of a few months:

BTC's market value fluctuations since February 2021 | Source: Market Cap BTC on TradingView

The latest Bitcoin crash came after China’s continued attempts at shutting down major mining hubs around the country.

As a lot of the Bitcoin hashrate resides on China, the movements of the BTC owned by miners caused a domino effect on the entire market.

Altcoins followed from there and their value fell as well. The effect on the total global cryptocurrency market cap can be seen in this chart:

The global cryptocurrency market cap is down more than $200 billion in the last 24 hours | Source: TradingView

As per this chart, the market cap fell by more than $400 billion in the past week. Of which, $224 billion was lost in just the past 24 hours.

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.