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The wave of correction in the digital currency market continues, with Bitcoin falling below $75,000 for the first time in the past year, and Ethereum falling below $2,200.
Cryptocurrency losses:
Bitcoin price topped $90,000 a few days ago, but failed to maintain its upward momentum following the FOMC meeting and heightened geopolitical tensions.
The price then dropped to $81,000 before briefly rebounding before falling back to the $74,400 range, meaning the loss exceeded $15,000 in less than a week.
Altcoins followed the same path, with many suffering more severe losses.
Data shows that cryptocurrency market capitalization has lost approximately $300 billion since Saturday and approximately $500 billion since Wednesday, with large liquidations of more than $2.5 billion in leveraged positions recorded over the weekend, in addition to approximately $800 million liquidated in the past 24 hours (mostly buy positions).
Gold and silver…slump more sharply
While cryptocurrencies have been accused of being extremely volatile, safe-haven assets have also seen alarming moves.
Silver fell from more than 121 US dollars to about 70.5 US dollars, and gold fell from 5,600 US dollars to nearly 4,400 US dollars in a short period of time. Within a few days, the total market value of gold and silver was wiped out about 10 trillion US dollars.
From a cryptocurrency perspective, these numbers vividly illustrate the “it’s still early days” narrative:
The $10 trillion loss in precious metals is many times larger than the size of the digital currency market, and even after the decline, the market cap of silver alone is still larger than the market cap of Bitcoin and most currencies combined, while gold is still far larger than the market cap of the entire cryptocurrency market.
Also read:
Bitmine, a company that invested in Ethereum, suffered a book loss of more than $6.9 billion
Bitcoin price rebounds above $77,000, analyst pessimism still prevails
