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Cryptocurrency market cap drops below $900 billion for the first time since January 2021

Cryptocurrency market cap drops below $900 billion for the first time since January 2021

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Answer Cryptocurrency market cap drops below $900 billion for the first time since January 2021

Many crypto investors were bullish on this month in November, hoping that Bitcoin would redraw a similar history to last year when the Bitcoin price and the combined cryptocurrency market value soared to an all-time high (ATH).

But the exact opposite is what has happened so far.

The market rebounded from its bullish side to pare the gains it made from the beginning of the month as it continued its decline and contraction during the past 48 hours.

For the first time since January 2021, the total market capitalization of cryptocurrencies has fallen below the $900 billion level and is currently at $837 billion.

Read:Report: Over 94 percent of Bitcoin SV network activity is related to a weather app

Bear market fuel:

The cryptocurrency industry has been affected by the internal meltdown of crypto exchange FTX and the possible acquisition by its arch rival Binance.

In fact, FTX has built a very healthy image throughout the crypto winter and is largely considered the saver and last resort of many bankrupt companies such as BlockFi and Voyager Digital.

The company has specifically committed billions of dollars to its acquisitions, as it was revealed earlier.

All of this healthy sentiment vanished when Coindesk published a report showing a possible inflation of the FTT valuation by Alameda Research.

The report also highlighted how “Sam Bankman Fred” lobbied other players in the industry in the United States.

Far from such behavior, Binance’s CEO said he would sell his FTT portfolio, a move that led to massive sell-offs and recalls from the company. FTX specifically asked Binance to come and buy its assets to mitigate the effects of the liquidity crunch.

Crypto Winter Part Two:

Speculation that the market has slipped into another crypto winter has led to more sell-offs in the industry than had been imagined.

Read:Australian citizen pays $100,000 in tax on owning $20,000 of cryptocurrency

From the current outlook, the industry cannot chart a growth similar to last November as the focus will now stop on preventing the catastrophic multiplier effect of the FTX fall.

Read also:

Officially: the cryptocurrency exchange BitMEX announces the launch date of its digital currency BMEX for trading

Could the CEO of FTX face the same fate as Do kwon with legal troubles?


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