The global crypto market cap is down 5.37% over the last 24 hours according to the crypto market tracking website, CoinMarketCap. There are three main driving factors that have dragged the total crypto market cap down over the last 24 hours. At press time, the crypto market cap stands at approximately $803.29 billion.
Perhaps the biggest factor impacting the global crypto market cap this past week is the FUD surrounding
The next contributing factor is the recent interest rate hike of 50 basis points. Although the latest interest rate hike comes 25 basis points lower than earlier hikes this year, Jerome Powell of the Federal Reserve hinted that hikes will continue and may eventually increase over the coming months.
Lastly, the trial of the CEO of the disgraced FTX crypto exchange is the third contributing factor to the declined crypto market cap.
A tweet made by the blockchain intelligence firm, Santiment, yesterday shared that there “is a whole lot of doom and gloom in crypto right now.” The tweet added that this uncertainty has historically been a bottom signal.
Fear in the crypto community (Source: Santiment)
As can be seen by the chart shared by Santiment, traders are extremely bearish due to the FUD surrounding Binance, the Fed’s recent CPI announcement and the ongoing FTX bankruptcy news.
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