Cryptocurrencies Market Value has Evaporated by 80 Billion US Dollars

Cryptocurrency Market Value has Evaporated by 80 Billion US Dollars

The popularity of cryptocurrencies has dropped sharply, and the market value has evaporated by 80 billion US dollars.

The S&P 500 entered a bear market as the three major U.S. stock indexes fell collectively. At the same time, investor panic has also spread from the stock market to the cryptocurrency market, and cryptocurrencies have also fallen sharply. In the past 24 hours, the global cryptocurrency market value has evaporated $ 80 billion after a massive sell-off by investors, the price of bitcoin plunged to below $ 23,000 local time on the 13th, an 18-month low.

Google Trends data also appears to show that fewer people are searching for bitcoin this year than a few years ago, reflecting bitcoin’s waning popularity. In May 2021, Bitcoin daily transaction volume peaked at around 440,000 transactions. On June 5, transaction volume was just over 200,000 transactions, reflecting a marked reduction in demand.

The digital currency plunged more than 16 percent to $22,603 ​​in afternoon trade in London, the report said. Bitcoin is now down 66 percent since reaching an all-time peak of $68,991.85 last November. Meanwhile, Ethereum has also tumbled nearly 30% over the past seven days to £1,083.

The two major cryptocurrencies, Bitcoin and Ethereum, fell together, triggering a new round of panic in the currency circle. Cryptocurrencies such as CRV, UNFI and REN all fell by more than 20%. The total cryptocurrency market capitalization fell below $1 trillion.

According to data from cryptocurrency data provider CoinMarketCap, nearly $80 billion has been wiped off the value of the global cryptocurrency market in the past 24 hours.

Industry insiders believe that the cryptocurrency market ecology is accelerating its collapse. As a result, cryptocurrency lender Celsius has suspended withdrawals from account holders, citing “extreme market conditions.” “We are taking this necessary action to stabilize liquidity and business for the benefit of our entire Bitcoin community,” the company said in a statement.

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