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It has been roughly four days since the series of unfortunate events pushed the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency market</a> to take a massive turn for the worse, and it is still struggling to recover from the devastation that saw as much as <a href="https://finbold.com/50-billion-drains-from-crypto-market-cap-in-an-hour-as-bad-news-pile-up/" rel="noopener noreferrer nofollow">$50 billion outflow from its market capitalization</a> within a single hour on March 3.Specifically, the total <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> cap is battling to hold above a $1 trillion psychological level, as at press time, stood at $1.03 trillion, recording a slight improvement of 0.51% over the past day but still a far cry from the amount recorded seven days before, according to the <a href="https://coinmarketcap.com/charts/" rel="noopener noreferrer nofollow">data</a> retrieved from the crypto tracking platform <a href="https://finbold.com/guide/best-crypto-data-websites/#CoinMarketCap" rel="noopener noreferrer nofollow">CoinMarketCap</a> on March 7.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/71e92b119ea34a448edf9f3e8a0e60bd.jpg" />Total 7-day crypto market cap. Source: <a href="https://coinmarketcap.com/charts/" rel="noopener noreferrer nofollow">CoinMarketCap</a>Indeed, the developments creating the sentiment of ‘<a href="https://finbold.com/guide/what-is-hodl/#FUD" rel="noopener noreferrer nofollow">FUD</a>’ (Fear, Uncertainty, and Doubt) accumulated in the days leading up to the recent downturn, ranging from the crypto <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">bank</a> Silvergate crashing, the expectations of a ‘hot’ Consumer Price Index (<a href="https://finbold.com/topic/cpi/" rel="noopener noreferrer nofollow">CPI</a>), and Mt. Gox creditors potentially receiving massive Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) reimbursements, which many believe could result in a large sell-off, causing the BTC price to tank.<h2 id="header-0">Slow road to recovery</h2>More recently, however, the pressure seems to have slightly eased, as <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> is recording a modest gain of 0.07% on the day, and <a href="https://finbold.com/guide/how-to-buy-ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) has increased by 0.42%, but this is still not enough to more significantly reduce the difference in the crypto market cap between the present and seven days before.Meanwhile, the events that could help the crypto market move toward recovery include <a href="https://finbold.com/guide/best-cryptocurrency-exchanges/" rel="noopener noreferrer nofollow">crypto exchange</a> Bybit’s <a href="https://finbold.com/mastercard-launches-bitcoin-card-in-the-uk-and-eu/" rel="noopener noreferrer nofollow">release</a> of a <a href="https://finbold.com/guide/buy-bitcoin-with-prepaid-card/" rel="noopener noreferrer nofollow">crypto-enabled debit card</a> powered by the Mastercard (NYSE: <a href="https://finbold.com/stock/mastercard-ma/" rel="noopener noreferrer nofollow">MA</a>) network and issued by Moorwand, which allows users to easily transition from the crypto to the fiat world.On top of that, Nigel Green, CEO and founder of deVere Group, one of the world’s largest independent <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">financial</a> advisory, asset management, and <a href="https://finbold.com/category/technology-news/" rel="noopener noreferrer nofollow">fintech</a> organizations, has recently <a href="https://finbold.com/u-s-race-for-digital-dollar-fuels-case-for-bitcoin-says-devere-group-ceo/" rel="noopener noreferrer nofollow">noted</a> that the United States government’s race for a digital dollar would fuel the case for Bitcoin.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">Finbold.com</a>.

Global crypto market cap battles to hold above $1 trillion as FUD sets in

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Finbold

Інші статті, опубліковані 7 бер. 2023 р.

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