• The cryptocurrency market cap lost $26.3 billion in the last 24 hours, bringing the total market cap to $965.18 billion.
• Bitcoin and Ethereum’s market cap decreased by 2.21% and 3.55% respectively.
• Bitcoin fell below $21,000 following the FUD spread by the U.S. Department of Justice’s enforcement action.
The cryptocurrency market has seen a sharp decline in the last 24 hours, with a net outflow of $26.3 billion bringing the total market cap to $965.18 billion. This is 2.64% lower than the market cap of $991.48 billion recorded at the start of the reporting period.
The top two cryptocurrencies, Bitcoin and Ethereum, have been hit hardest by this decline. Bitcoin’s market cap declined by 2.21% to $400.19 billion, while Ethereum’s market cap decreased by 3.55% to $186.29 billion. Other top 10 cryptocurrencies, such as Shiba Inu, Solana, and Dogecoin, recorded losses of 10.18%, 7.18%, and 6.65% respectively.
The market caps of Tether (USDT) and USD Coin (USDC) marginally declined to $66.48 billion and $43.11 billion respectively, while the market cap of BinanceUSD (BUSD) rose to $16.31 billion.
The biggest mover in the last 24 hours was Bitcoin. It fell 2.26% to trade at $20,743 as of 07:00 ET, and its market dominance jumped to 41.4% from 41.2%. Bitcoin’s decline below $21,000 was largely due to FUD spread by the U.S. Department of Justice’s enforcement action. Reports suggest that traders were scared that the DoJ was „honing in on something more drastic“ than the action taken against Bitzlato.
Overall, the crypto market has experienced a rapid decline in the last 24 hours, with Bitcoin and Ethereum being the worst hit. The market should be monitored closely in the coming days to see if the decline continues or if the market can recover.
