Over $200 Billion Wiped from Cryptocurrency Market Value
A new wave of market chill has erased more than $200 billion from the value of cryptocurrencies in less than a month, with total market value falling to approximately $2.68 trillion.
The cryptocurrency market’s recovery has currently stalled as capital inflows into exchange-traded funds (ETFs) have reversed and inflation concerns driven by high oil prices have placed additional pressure on the market.
Data from CoinMarketCap on Friday, October 23, showed that the total cryptocurrency market value had fallen to approximately $2.68 trillion, down from over $2.9 trillion until recently. Accordingly, market value has declined by more than seven percent over the past month.
Cryptocurrency market value at one point fell to approximately $2.7 trillion and then, approaching $2.8 trillion, attempted to recover part of its decline. However, this upward trend did not last, and market value once again fell below $2.7 trillion.
Capital flows in exchange-traded funds have also fluctuated. According to data from Farside Investors, US Bitcoin exchange-traded funds recorded approximately $1.075 billion in net inflows from Monday, October 19, through Wednesday, October 21, but these funds faced net outflows of approximately $636 million on Thursday, October 22, alone.
This figure shows that approximately 60% of the capital that had entered these funds over three days exited them in a single day. Ethereum exchange-traded funds also faced outflows of approximately $111 million on the same day.
According to a Bloomingbit report, market attention is now focused on the US Federal Reserve’s Federal Open Market Committee (FOMC) meeting on Tuesday, October 27, and Wednesday, October 28. Any price recovery requires support from factors such as reduced concerns about the interest rate path and a revival of buying in exchange-traded funds.
Cryptocurrency Price Update on Saturday
This category contains price changes for the 10 largest cryptocurrencies by market value.
1- Bitcoin
Price: $80,670.25
24-hour change: 1.31% decrease
One-week change: 0.98% decrease
2- Ethereum
Price: $2,375.10
24-hour change: 1.10% decrease
One-week change: 2.08% decrease
3- Tether
Price: $0.9986
24-hour change: 0.01% increase
One-week change: 0.01% increase
4- Binance Coin
Price: $737.78
24-hour change: 0.49% decrease
One-week change: 2.31% increase
5- Ripple
Price: $1.28
24-hour change: 2.89% decrease
One-week change: 1.53% decrease
6- USD Coin
Price: $0.9998
24-hour change: 0% decrease
One-week change: 0.01% decrease
7- Solana
Price: $102.23
24-hour change: 2.08% decrease
One-week change: 2.30% decrease
8- Tron
Price: $0.3295
24-hour change: 0.07% increase
One-week change: 1.62% decrease
9- Zcash
Price: $1,168.03
24-hour change: 4.63% decrease
One-week change: 0.72% increase
10- Hyperliquid
Price: $76.98
24-hour change: 1.28% decrease
One-week change: 3.34% decrease