Why Is Crypto Crashing These Stats Show How Much The Market Has Gone Down
At around midnight UTC+1 Wednesday the total cryptocurrency market capitalization was just over $2 trillion. At its lowest point that afternoon, it had fallen to around $1.44 trillion, according to CoinMarketCap data—a decline of nearly 30 percent. Muyao Shen, a markets reporter for CoinDesk, called the market downturn the biggest sell-off since March 2020. Bitcoin, the world’s foremost cryptocurrency, has tumbled and hit its lowest price in three months this week, at one point threatening to drop below the $30,000 mark....