Bitcoin News and Finance
Crypto Market Values Nosedive Amid Global Market Meltdown, Widening Default Risks Skip to main content

Crypto Market Values Nosedive Amid Global Market Meltdown, Widening Default Risks

Crypto markets have dropped a great deal in value over the last 24 hours as crypto assets across the board have lost anywhere between 7-15% in value during this time period. The overall market valuation of all 10,000+ crypto-assets in existence has slid just below the $2 trillion handle, losing over 9% in value during the last 24 hours.

Crypto Economy Slips by 9% During the Last 24 Hours

Bitcoin (BTC) prices were above the $48K zone on Sunday, September 19, but the following day, BTC prices are much lower as the crypto asset dropped to a low of $42,660 per unit on Monday. BTC has shed 8.9% in value and the digital asset’s market valuation is around $815 billion today. At the time of writing, a single BTC is swapping for just above $43K per coin.

The second-leading crypto asset, ethereum (ETH) has dropped 10.3% in value during the last day and each ether is exchanging hands for just above $3K per unit. ETH has an overall market valuation of around $355.4 billion on Monday.

The biggest loser out of the top ten crypto-asset market positions is XRP, shedding 13.8% during the course of the last day. Bitcoin’s (BTC) 8% loss is the least of all the percentage losses on Monday. Just before BTC’s slide below $45K, Etoro’s crypto analyst discussed the current market events.

“Bitcoin and ether both experienced a weekend slip after a week of climbing back to previous highs,” Simon Peters, Etoro’s crypto analyst wrote in a note to Bitcoin.com News on Monday morning. “BTC began the week below $45,000 after the flash crash of the week before. Having risen across the week to near $49,000 levels the price collapsed again on Sunday, falling away to now trade around $45,500.” Peters added:

Likewise, ETH began the week trading around $3,200 before rising to a high of $3,652 on Thursday. The token began a decline earlier than bitcoin though, falling away from Thursday and across the weekend to now trade below $3,200, a 13% decline.

Cosmos Remains Unscathed, Fears of Economic Turmoil Stemming from Evergrande Collapse and Default Risks Rise

Overall, the entire crypto market cap has lost over 9% in fiat value between Sunday and Monday. The top coins being traded include nine different stablecoins. Besides the stablecoin action today, the coin that took the least amount of fiat loss is cosmos (ATOM). Cosmos only lost 0.9% on Monday and is up over 9% for the last seven days. The biggest loser today is Algorand (ALGO) losing 16.6% during the last 24 hours.

Cryptocurrency markets have followed the drop across all global markets on Monday as a few warnings of economic turmoil have arisen. For instance, news outlets detail that the U.S. may default on financial obligations which could turn into another financial crisis.

The secretary of the U.S. Treasury, Janet Yellen, has warned of a debt ceiling fallout. Furthermore, global stock markets are in the red over China Evergrande shares dropping like a rock. Evergrande shares saw an 11-year low and speculators have claimed the Evergrande collapse could be like the next Lehman Brothers crisis.

What do you think about the market rout amid the global market meltdown over default risks and China Evergrande shares? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory