Cryptocurrency crash continues to lose $2.5 trillion

The losses of the cryptocurrency market have not stopped so far in light of the successive events that started to storm the crypto market since last week with the news of the collapse of one of the major currency companies.

Since the rumors of the collapse of the FTX platform circulated until the official announcement that the platform filed an urgent bankruptcy request to protect it from creditors, the losses of the cryptocurrency market expanded at a violent pace.

In less than a week, the capitalization of the cryptocurrency market recorded losses of about 250 billion dollars, specifically within only 6 trading days.

The market value of digital currencies fell from levels of 1.07 trillion dollars before the crash, while it is now trading near levels below 830 billion dollars.

This coincides with the outbreak of a violent wave of losses in the 200 largest digital currencies, led by Bitcoin, the largest cryptocurrency, which lost nearly a quarter of its value within a week.

According to CoinGeco data, the cryptocurrency reached its highest capitalization level ever in early November 2021 when the market capitalization at that time crossed the levels of $3.3 trillion.

According to data today, Sunday, digital currencies have lost nearly $2.5 trillion in value within a year, trading near $830 billion.

In contrast to the declines of Bitcoin, Ethereum is now down 3% near the levels of 1.22 thousand dollars, while during the last crash wave of FTX it lost a quarter of its value with losses of 25%.

Binance Coin fell 3.1% to levels of $277, while its losses widened within a week, losing a fifth of its value, down 22%, as its market value fell to $44 billion.

Ripple has now fallen 5.2%, while it lost 30% of its value during the last crash, as it is trading near levels of $0.35, with a market value of less than $18 billion, while declining by 60% since the beginning of the year.

Dogecoin is down 7% while it is down 30% in a week, and its market capitalization is $11.3 billion while hovering near $0.085 levels as it still retains some of its gains from Musk’s tweets, rising 42% in a month.

Cardano is down 4% during today’s trading and by 23% in a week, Polygon Matic is down 7% and by 23% in a week, and the Shiba Inu is down 7% and by 28% in a week.

While Solana is down by 13% and lost nearly 63% during the week of the crash, as its market value fell below $5 billion and ranked 14th among cryptocurrencies.

The Tron Ox coin fell to levels of $ 0.05, down 4% during trading on Sunday, while declining within 20 within a week, with a market value of $4.8 billion.

On the other hand, the polka dot currency hovered near the levels of 5.7 dollars, with a slight increase that does not exceed 1%, while the currency fell 20% during the week of the collapse, and its market value is 6.5 billion dollars.

The fall of digital currencies and the violent decline of the largest cryptocurrency Bitcoin coincided with the return of panic and panic that tightened its grip on the crypto bulls, sending the bears into frenzied selling waves.

Meanwhile, data on the Crypto Fear & Greed Index, which measures the psychology of traders in the crypto market based on tracking Bitcoin’s violent downward movement.

During these moments of Sunday’s trading, the index recorded the lowest reading since trading on October 25 at 22 points, compared to 40 points, the average reading of last week, which reveals the shift in traders’ feelings from fear to intense fear.


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