$70 billion lost in Crypto market amid rising U.S dollar

The crypto market just lost about $70 billion, as significant selling pressure from crypto sellers pushed the value of cryptocurrencies lower across the market spectrum amid the rising U.S dollar and some profit-taking.

  • The global crypto market value is $930.47 billion, a 5.61% decrease over the last day.
  • The U.S dollar was fired up as it recorded impressive gains at the Tuesday trading session in London taking into account some investors are fast becoming jittery on rising COVID-19 caseloads globally.
  • At press time, the U.S. Dollar Index that tracks the greenback against a basket of major currencies ticked up by 0.20% to 90.555

At the time of drafting this report, about $70 billion in value was virtually wiped out, taking into account the flagship crypto, Bitcoin, the dominant player in the crypto market, lost as much as $2,000, according to data retrieved from Coin360.

  • The total crypto market volume over the last 24 hours is $131.42 billion, which amounts to a 2.07% increase.
  • The total volume in DeFi is currently $15.68 billion, 11.93% of the total crypto market 24-hour volume.
  • The volume of all stable coins is now $105.17 Billion, which is 80.03% of the total crypto market 24-hour volume.
    Bitcoin’s price is currently $31,398.04.
  • Bitcoin’s dominance is currently 62.74%, a decrease of 0.01% over the day.

Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.

Crypto experts interviewed by Nairametrics are saying that a market correction was long overdue after the overextended bullish move.

The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, coupled with the strong rebound in the U.S dollar

 



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