Bitcoin falls below $ 20,000 and Ethereum sinks above $ 1,000 as the free decline in the crypto market continues – TechCrunch

The crypto market has undergone one of its most dramatic sales this year, as prices for the best cryptocurrencies have fallen by as much as 35% week on week as fears of a broad economic recession have intensified.

On Saturday, the total global market capitalization of cryptocurrencies fell below $ 850 billion as the best tokens fell.

Ethereum is trading at half of what it was a month ago, falling below the $ 1,000 price barrier it has been trading since January 2021. This figure has fallen by approximately 80%, as it is the highest ever since last November. year. Bitcoin, the largest cryptocurrency by market capitalization, similarly overshadowed an important price barrier on Saturday, falling below $ 20,000 after a long week of sinking boosted the currency again and again.

While investors in the best coins are worried, smaller ecosystems are dealing with big hits, and supporters are growing concerned about the survival of tokens and ecosystems that are still emerging on the brink of a bear market. There are still about 44 tokens with a market capitalization north of $ 1 billion, according to CoinMarketCap.

The latest cryptographic collapse comes when investors fear macroeconomic conditions and the Federal Reserve’s efforts to curb inflation. Crypto investors have also seen a number of key protocols and services threatened by rapid asset depreciation, with some worried that the interdependence of these different services could lead to cascading shutdowns.

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