Crypto space loses $350 billion market cap in just 48 hours

In just 48 hours, the entire crypto space took a severe beating, losing $350 billion in market capitalization which dove to the lowest it has been since the start of the year.

As of Wednesday, the total market cap is just around 1.2 trillion, although it is expected to get higher as bitcoin and the altcoins attempt to make their respective recoveries.

Due to a wide array of FUD caused by a series of Chinese crypto movements, bitcoin price even dropped to below $30K, although according to tracking from CoinGecko, the top crypto is in recovery mode, currently trading at $34,114.

Ethereum and altcoins followed suit

As usual, other coins reacted badly to bitcoin’s dip, recording declines on their respective values. However, they too, seem to be making a bit of recovery.

Ethereum is now changing hands at $2,011 but is still down by 21.5% for the past seven days. It briefly fell down the $2K mark before slowly consolidating at its current level.

Dogecoin, on the other hand, seems to be suffering the hardest, as it is staring at a value drop of 31.5% for the past week to trade at $0.22.

XRP and cardano, despite starting to trim their losses, are still reeling from double-digit declines of their prices, at 25.4% and 18.4%, respectively.

China still the source of bad news

China remains a major source of negative news and developments that affect bitcoin and the entire crypto space.

Over the past weeks, the Asian giant, through its authorities, engaged in crackdown operations, ordering the shutting down of numerous bitcoin mining farms.

In defending its actions, the Chinese government said it is doing what is needed to be done to accomplish its goal of becoming carbon-neutral in the years to come.

 

Image courtesy of Cointelegraph News/YouTube

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