Crypto markets have depreciated sharply in the past 24 hours as crypto assets have depreciated between 7-15% in value over this period. The overall market valuation of all 10,000+ existing crypto assets has fallen just below the $ 2 trillion mark and has lost over 9% in value in the past 24 hours.
Crypto economy is slipping 9% in the past 24 hours
Bitcoin (BTC) prices were above the $ 48K zone on Sunday, September 19, but the following day, BTC Prices are much lower as the crypto asset fell to a low of $ 42,660 per unit on Monday. BTC has lost 8.9% in value and the market value of the digital asset is around $ 815 billion today. A single at the time of writing BTC trades for just over $ 43,000 per coin.
The second largest crypto asset, Ethereum (ETH) has lost 10.3% of its value on the last day and each Ether changes hands for just over 3,000 USD per unit. ETH has an overall market valuation of around $ 355.4 billion as of Monday.
The biggest loser among the top ten crypto assets market positions is XRP, lost 13.8% over the last day. Bitcoins (BTC) 8% loss is the lowest of all Monday percentage losses. Shortly before BTCWhen it slipped below $ 45,000, the Etoro crypto analyst discussed current market developments.
“Bitcoin and Ether both experienced a weekend slide after a week in which they had climbed back to previous highs,” wrote Simon Peters, Etoro crypto analyst, in a note on Bitcoin.com News on Monday morning. “BTC started the week under $ 45,000 after the flash crash the week before. After rising to nearly $ 49,000 levels over the course of the week, the price collapsed again on Sunday, falling to around $ 45,500 now. ”Peters added:
Likewise, ETH started the week trading at $ 3,200 before rising to a high of $ 3,652 on Thursday. However, the token began to decline earlier than Bitcoin, falling below $ 3,200 from Thursday and over the weekend, a 13% decline.
Kosmos remains unscathed, fear of economic turmoil due to the collapse of Evergrande and the risk of failure increase
Overall, the total crypto market cap lost over 9% of its fiat value between Sunday and Monday. The top coins that are traded include nine different stablecoins. Aside from the stablecoin promotion today, the coin that has suffered the least fiat loss is the cosmos (ATOM). Cosmos lost just 0.9% on Monday and has risen over 9% in the past seven days. The biggest loser today is Algorand (ALGO), who lost 16.6% in the past 24 hours.
Cryptocurrency markets followed the decline in all global markets on Monday as some warnings of economic turmoil surfaced. For example, news outlets report that the US is failing to meet its financial obligations, which could lead to another financial crisis.
The US Treasury Secretary Janet Yellen warns of an impending debt limit. Additionally, global equity markets are in the red as China Evergrande stocks drop like a rock. Evergrande stock hit an 11-year low and speculators claimed the Evergrande collapse could look like the next Lehman Brothers crisis.
What do you think of the market exodus amid the global market collapse due to risk of default and China Evergrande stocks? Let us know what you think on this matter in the comments below.
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