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FTX Collapse Leaves Total Crypto Market Cap Under $800B, Close to 2022 Low

Lyllah Ledesma is a CoinDesk Markets press reporter presently based in Europe. She holds bitcoin, ether and percentages of other crypto properties.

With financier self-confidence in cryptocurrencies lessening as an outcome of the collapse of Sam Bankman-Fried’s FTX exchange, the overall market capitalization of digital possessions has actually fallen this month listed below $800 billion, a level not seen considering that early 2021, according to information from TradingView.

The newest wave of chaos in digital-asset markets shaved some $183 billion from the industry market cap. The figure dropped to $736 billion on Nov. 9, the most affordable considering that January 2021.

The decrease came as the FTX drama sent out costs for bitcoin and other cryptocurrencies into a fresh tailspin. Bitcoin ( BTC), the biggest cryptocurrency, fell 22% throughout the 7 days through Nov. 13, its worst weekly efficiency in 5 months

Bitcoin now comprises $319 billion worth of the whole cryptocurrency market’s capitalization. At the peak of the booming market about a year earlier, when bitcoin reached its all-time high around $69,000, its market price was north of $1 trillion.

The whole crypto market capitalization struck the $3 trillion mark then however has actually been decreasing because.

The rate of bitcoin is down 5% over the last 7 days and has actually been selling a series of $15,000-$17,000

During previous market crashes the overall market cap of the cryptocurrencies likewise lost significant ground. In July 2021, overall market cap was up to $1.1 trillion after reaching highs of $2.5 trillion in May that year.

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The crypto market capitalization lost momentum in July in 2015 (Trading View)


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Lyllah Ledesma is a CoinDesk Markets press reporter presently based in Europe. She holds bitcoin, ether and percentages of other crypto properties.

Lyllah Ledesma is a CoinDesk Markets press reporter presently based in Europe. She holds bitcoin, ether and percentages of other crypto possessions.

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