Crypto m-cap halves in less than 5 months to $1.5 trillion
The crypto market cap stood at $1.58 trillion on Thursday after Russia ordered military action in Ukraine as against the $3 trillion mark scaled in November 2021. In terms of value, the fall in the global crypto market-cap is higher than the GDP of countries like Australia, Spain, Saudi Arabia, South Korea, Mexico, Turkey, Netherlands and Indonesia.
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A statue honouring mysterious Bitcoin founder Satoshi Nakamoto was unveiled in a business park near the Danube River in the Hungarian capital Budapest
View Details »The top digital assets such as Bitcoin and Ethereum have tumbled nearly 50 per cent from their peaks. That said, the pain in altcoins has been more severe, with leading digital tokens falling nearly 85 per cent from their highs. These include Shiba Inu, Dogecoin, XRP, Cardano, Polkadot, Solana among others. «Crypto market began to fall since the start of this year, thanks to various reasons including new Covid variant, high inflation and geopolitical concerns. This led crypto investors to offload their portfolios,» said Edul Patel, CEO and Co-founder, Mudrex. Adding to it, Sharat Chandra, VP- Research & Strategy, EarthID said the Biden administration is expected to come out with an executive order on crypto very soon. «There are fears about the un-hosted wallet rule put forward by the US Treasury to be a part of major legislative discussions.» According to market experts, the corrective phase in crypto assets is always sharper than in equities. «Equities are held on as a long-term investment plan while cryptocurrencies are volatile assets that can give you great profits,» Patel said. Hence, the losses in cryptos are steeper too, he added. However, despite a sharp drop in prices, backers
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