Indeed, over the period of a single week, the total capitalization of the crypto market has dropped from $1.02 trillion to $838.37 billion, losing $179.13 billion or 17.61% during the observed period, according to the CoinMarketCap data retrieved by Finbold on November 14. At the same time, the market cap of the crypto’s largest asset, Bitcoin (BTC), has bled $74.66 billion or 18.73%, declining from $398.69 billion to the current $324.03 billion during the previous week. In terms of the price, BTC has dropped 18.98% over the week, although it is recording some very modest daily gains of 0.59%, currently changing hands at $16,778.
More pain for the crypto market?
In the opinion of technical analyst Matthew Hyland, the crisis is happening because the market as a whole still has problems that have led to one participant’s shortcomings spilling over onto others, as he explained on November 13: According to him, there could still be more pain on the horizon, as he highlighted on November 13: Earlier, he observed that the Nasdaq index had recorded one of its biggest-ever bounces late last week, adding that its continuation could alleviate the pressure on the crypto market: Meanwhile, Finbold has compiled three key pieces of advice on surviving the market crash, such as the one presently engulfing the crypto industry, as offered by the former stockbroker, commonly known as the “Wolf of Wall Street,” Jordan Belfort. As for the exchange directly involved in the origins of the current crisis, Tesla (NASDAQ: TSLA) CEO had some scathing words for the FTX founder and now-former CEO Sam Bankman-Fried, stating that his “bullshit meter was redlining” when talking to SBF about the Twitter (NYSE: TWTR) acquisition deal. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
