Crypto Marketcap Drops Below $1 Trillion – Trustnodes

The market cap of all cryptocurrencies has fallen below one trillion for the first time since January 2021.

All cryptos are now worth $940 billion combined, bitcoin having the lion’s share at $437 billion.

Eth is down to just $145 billion from $570 billion. Tether’s market cap, the third top crypto, has reduced too by $10 billion from $83 billion to $72 billion as some shuffle between stables.

USDc is now the fourth biggest crypto. This is one of the few that has seen an increase in market cap from $48 billion last month to above $54 billion.

Finally Binance’s BNB, the fifth most valued crypto, is down to $35 billion from $110 billion.

So cryptos have crashed, down 20% just today with bitcoin diving from $27,000 to $22,000 as of writing.

Stocks are crashing too. Nasdaq has dropped 4.5%, falling below 11,000 from 15,500 in one of the worst year for markets since 2008.

Gas is also down 3.8% to $8.50, and even gold has seen a 2.5% fall. But, the dollar strength index (DXY) valued against other fiat, has shot past a two decades high to now just about touching 105 from 89 last year.

So everyone is going USD even while USD loses its purchasing power by close to 10% a year, with investors trap to chase lower losses, rather than any gains.

Stocks have now entered bear too, with it anyone’s guess whether there will be a bounce as markets wait to see just how much Fed raises interests rates for more red.