Crypto Crash Continues as Bitcoin, Ethereum Post Double-Digit Losses
The crypto market crash that began yesterday shows no sign of abating, with all of the top 10 cryptocurrencies by market cap, excluding stablecoins, posting double-digit losses in the last 24 hours.
At time of publishing, Bitcoin is down over 18% in the last 24 hours, and is currently trading at around $46,600, per CoinGecko. Ethereum is down over 15%, trading at around $3,870, while Polkadot is the biggest loser from the top 10 cryptocurrencies, dropping by over 24% to $27.47. Since hitting its all-time-high of over $69,000 last month, the price of Bitcoin has tumbled by over 32%.
The crash has wiped over a billion dollars from the total market cap of all cryptocurrencies, which has slumped by 16% in the last 24 hours to just over $2.3 trillion. Just a month ago, when Bitcoin hit its all-time-high, the total market cap peaked at just over $3 trillion.
Crypto and stocks tumble
Crypto prices have moved in tandem with a slump in the stock market. The Nasdaq ended Friday down 2% as tech stocks slipped, amid renewed economic uncertainty as the Omicron coronavirus variant continued its spread around the world. At the same time, there's mounting expectation that the Federal Reserve will raise interest rates to stave off growing inflation.
Meanwhile, in China, the chair of embattled property giant Evergrande was summoned by the Guangdong government after the company said there was "no guarantee" it would have enough funds to meet debt repayments. The provincial government announced that it would, at Evergrande's request, send a team of officials to work on a restructuring plan for its offshore debt.