What happened?
The crypto market has experienced a downturn, with the overall market capitalization dropping by 0.5% and slipping below the $4 trillion mark to stand at $3.99 trillion. Over the last 24 hours, approximately 80 of the top 100 coins have seen their value decrease. The total volume of crypto trading currently stands at $146 billion.
Who does this affect?
This downturn affects all stakeholders in the crypto market, including investors, traders, and cryptocurrency companies. In particular, those holding Bitcoin (BTC) and Ethereum (ETH), which have both dipped by less than 1%, may be impacted. Furthermore, the bearish trend could affect the dynamics of US BTC and ETH ETFs.
Why does this matter?
This decline is significant in the crypto market as it may influence investor sentiment and market strategies. It underscores the volatility inherent in cryptocurrency trading and could potentially impact the decisions of corporate investors and institutions considering entering or investing further into the crypto market. Moreover, given the global scale and impact of the crypto market, such trends can also have wider economic implications.