- Cryptocurrency market value slumped under $1 trillion for the first time since January 2021
Cryptocurrency prices today rebounded after crashing in the past few sessions, dragged down the crypto’s market value below $1 trillion for the first time since January last year. The world’s largest digital token rose over 3% and trading at $21,915. The most popular crypto is down more than 52% so far this year (YTD), and is trading far below its record high of $69,000 it had hit in November last year.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, gained over 7% at $1,195. Meanwhile, dogecoin price today was also trading higher at $0.05 whereas Shiba Inu also surged more than 4% to $0.000008. The global cryptocurrency market cap today is $978 billion, up about 5% in the last 24 hours.
Other crypto prices’ today performance also improved as Stellar, Uniswap, XRP, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin prices were trading with gains in the range of 4-17% over the last 24 hours, however, Tron and Binance USD slipped.
The global cryptocurrency market peaked at $2.9 trillion in November 2021, but it has faltered so far this year. It has lost $1 trillion in value in the last two months alone as investors ditched riskier assets in the face of high inflation and fears that interest rate raises by central banks will hamper growth.
Crypto exchange Coinbase Global Inc announced that it will lay off 18% of its workforce in another sign of a worsening crypto downturn that’s shaved off hundreds of millions of the total cryptocurrency market value.
The largest US digital-asset trading platform is following in the footsteps of other cryptocurrency-related businesses that have recently cut staff with a prolonged market downturn as the reason for the layoffs.
The cryptocurrency downturn began soon after Bitcoin hit its all-time-high in November. Earlier this year, the collapse of the TerraUSD stablecoin and related Luna token erased billions of market gains. In the past week, the prices plunged after crypto lender Celsius Network froze withdrawals amid what many suspect was a bank-run-like event.
(With inputs from agencies)
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