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Crypto Economy Slides 8% in Value Shaking Out Billions, Blame Placed on New Covid Variant

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During the last 24 hours, the crypto economy has lost 8% in value as a great number of crypto asset prices dropped significantly during the overnight trading sessions. Crypto markets lost more than $22 billion in value as the leading digital currencies in the top 20 standings lost anywhere between 6% to 20%.

Global Markets Lurch in Fear Over B.1.1.529 Variant

Global markets are shaken today as headlines declare that a new Covid-19 variant called B.1.1.529 is spreading beyond South Africa where it was discovered. The B.1.1.529 variant is said to be more contagious than the Delta variant and it is said to have around 30 mutations. As soon as the headlines broke, markets in nearly every nation worldwide started to tank, and investments tied to the oil and gas sector dive-bombed. For instance, the international benchmark for a barrel of Brent crude slipped in value by 5.3%.

On Friday, the economist and bitcoin advocate Alex Krüger tweeted about how the new variant has roiled global markets. “Global markets spooked today on this new Covid variant,” Krüger said. “Big moves across global markets. Growth stocks trashed, crude oil lower, rates down, rotation back to tech. Traders’ pricing in higher odds of renewed lockdowns on low liquidity conditions. It’s OK, no Covid in the metaverse,” the economist added.

$22 Billion in Value Exits Crypto Economy Leading to an Accumulation of ‘Downtrend Momentum’

The crypto economy lost 8% in value during the overnight sessions on Thursday and into Friday’s mornings trading sessions. At 11:00 p.m. (EST) on Thursday, bitcoin (BTC) was swapping for over $58K per unit but by Friday morning, BTC changed hands for just over $54K per unit. Bitcoin is down 7.9% during the last 24 hours and its market cap is just above the $1 trillion mark. Ethereum (ETH) lost 9.4% during the last day and each ether is changing hands for just above $4K per unit on Friday.

The 11,000+ crypto coins in existence lost more than $22 billion in value and there’s around $200 billion in global trade volume today. Stablecoin trades command more than half of the recorded volume with $115.1 billion in 24-hour stablecoin trade volume. On Friday, Du Jun from Huobi Global shared some market insights tied to bitcoin’s (BTC) current state.

“According to data from Huobi Global, BTC has continued to fall since the morning, and its momentum has increased sharply in the afternoon, and it quickly fell to 54,500,” the Huobi Global analyst said. “The daily decline has exceeded 4,000, and it is still falling. The current position has broken through the minimum point of 55500 in the last round of decline. From a long-term perspective, the downward trend of BTC prices has not changed, and a new round of downward adjustment has arrived,” the analyst added. Du Jun’s market outlook further noted:

Judging from the 4h k-line, the transaction volume increased sharply, which intensified the changes in bitcoin’s price. The price crossed to the lower rail of the Bollinger Band, EMA lines turned down, and DIF crossed DEA downward significantly, which formed a sell signal. It can be expected that the downtrend will weaken and even adjust horizontally in the short term, but the long-term downtrend remains unchanged. From the daily perspective, today’s bitcoin price jumped out of the horizontal adjustment in the past week, and formed a clear linear response to the downtrend one week ago, which means that the adjustment of bitcoin’s price last week is only accumulating the downtrend momentum. In the short term, pay attention to the magnitude of the price correction.

Insititutional and Coronavirus Fears

Alex Kuptsikevich, the Fxpro senior market analyst, also explained how the lurch in global markets put pressure on crypto markets. “Because of the institutional love affair, bitcoin is substantially vulnerable to moments of exit from risky assets when it sells off everything, regardless of the outlook,” Kuptsikevich explained to Bitcoin.com News in a markets update note sent on Friday. “[Bitcoin’s] severe sell-off risks dragging the entire cryptocurrency down with it. From a different perspective, retail investors have developed a reflex to buy crypto on coronavirus fears, with WHO discussing new virus variants and restrictions on air travel,” Kuptsikevich added. The Fxpro analyst concluded:

This means that real crypto-enthusiasts and long-term investors in cryptos may consider buying it out of the severe downturn on the exit of traditional financial institutions.

What do you think about the current state of bitcoin prices and the crypto economy? Let us know what you think about this subject in the comments section below.

Crypto Economy Hovers Below $3T: Analyst Says First Bear Marker ‘Would Be a Capitalization Drop Under $2.38T’

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Crypto Economy Hovers Below $3T: Analyst Says First Bear Marker 'Would Be a Capitalization Drop Under $2.38T'

The crypto asset economy has been down in value over the last week as a great number of digital currencies shed significant amounts. The entire crypto-economy is down under the $3 trillion mark, hovering around $2.7 trillion across 10,970 cryptocurrencies. Bitcoin dominance is just above the 40% region while ethereum’s market commands 18.4% of the crypto economy on Monday.

Analyst Notes a Few Possible Factors May Have Contributed to the Market’s Slide


Digital currency markets have seen better days and on Monday, November 22, 2021, bitcoin (BTC) is down 9.7% during the last seven days. At press time, a single bitcoin is exchanging hands for just above the $58K per unit zone and the asset has a market valuation of around $1.11 trillion. Ethereum (ETH) has lost 7.4% this past week and is currently swapping for under $4,300 per ether. The biggest loser out of the top ten market caps this week was polkadot (DOT) with a 12.3% loss. Solana (SOL) lost the least amount of value dropping 6.7% and avalanche (AVAX) entered the top ten standings gaining 41.0% this week.

In a note sent to Bitcoin.com News, Etoro’s market analyst Simon Peters explained that there were a few factors that may have contributed to the market’s downward drop. “Bitcoin and a host of other crypto assets fell precipitously last week, with a few possible factors in play,” Simon Peters said. “Firstly, the Taproot upgrade to the bitcoin blockchain created uncertainty in the investor community. Perhaps the most important upgrade in the past four years for the network, Taproot was meant to streamline the crypto asset’s transactions, making them faster and cheaper. Upgrades of this nature can cause short-term uncertainty as investors hold fire to see what will happen to the network,” Peters added.

The Etoro analyst continued:

Also affecting price levels recently is the U.S. infrastructure bill. The bill, led by President Joe Biden, could see companies subjected to stricter rules around the reporting and handling of crypto assets, and this has fed into further investor uncertainty. Finally, with bitcoin and other crypto-assets having reached fresh all-time highs, there was always likely to be a measure of profit-taking from investors which then translates into price weakness. Both bitcoin and ethereum go from strength to strength, and the ups and downs of the market are a part of this story.

Alex Kuptsikevich: ‘Bear Market Would Be a Capitalization Drop Under $2.38 Trillion’


Alex Kuptsikevich, the Fxpro senior market analyst, detailed in a morning crypto market analysis that bitcoin (BTC) markets are bearish. “The technical picture for bitcoin is on the bearish side,” Kuptsikevich explained to Bitcoin.com News.

“After Friday’s technical rebound, the first cryptocurrency hit resistance at the weekend in the form of the 50-day moving average and the 76.4% retracement level from the September-November rally. Stronger selling from this level suggests a short-term trend reversal and a set-up for a deeper and longer correction,” Kuptsikevich added.

Kuptsikevich further stated:

The first marker of a bear market would be a capitalisation drop under $2.38trn, which is 8% below current levels. For Bitcoin, such a level is near $55k, representing a 20% drop from the peak, a return to the highs of September, and 61.8% of the last rising momentum. An overcoming of these levels would signal a further drawdown of 20-30%.

Huobi Group Analyst: Bitcoin’s Future Price ‘Highly Uncertain’


Du Jun, the co-founder of Huobi Group explained that BTC has “strong support at $57,500” but the “price of BTC is highly uncertain.”

“According to data from Huobi Global, BTC fell quickly to the $57,500 position during daytime and was hindered,” the Huobi Group analyst noted on Monday. “Looking at the 4h K-line, the three EMA lines are descending at different ranges, and the slope of EMA5 is the largest, implying that the downtrend of price is gradually obvious. Changes of price [went] smaller today and trading volume has returned to normal levels.”

What do you think about the crypto market outlook this week? Do you think the market looks bearish or do you think markets are still bullish? Let us know what you think about this subject in the comments section below.

The Crypto Economy Soars Past $3 Trillion — Momentum of Value Grew Much Faster Than Apple’s Market Valuation

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The Crypto Economy Soars Past $3 Trillion — Momentum of Value Grew Much Faster Than Apple's Market Valuation

On November 8, 2021, the cryptocurrency economy’s market capitalization reached the $3 trillion mark after gathering significant value over the course of 12 years. The overall value of the 10,464 crypto-assets in existence is now larger than Microsoft’s market valuation at $2.52 trillion and Apple’s $2.47 trillion market cap.

Cryptocurrency Economy Is Now More Valuable Than Company’s Like Microsoft, Apple, Google, Saudi Aramco

Statistics indicate that on Monday, November 8, the net worth of the entire crypto-economy is valued at over $3 trillion, after jumping roughly 3.7% in value during the last day. The 10,464 coins in existence, worth over $3 trillion, have produced $206 billion in global trade volume during the last 24 hours. Years ago, people laughed and described crypto as merely valueless ‘Beanie Baby’ collectibles. Today, however, most are not laughing and they are either angry or simply taken back by the momentum of value.

The crypto economy’s climb to $3 trillion has been fast, as it’s been less than 13 years to surpass the $3 trillion in value. The top assets in the world cannot say the same, and many of them have taken decades to get to the value they are at today. It took the most valuable market capitalization, held by Microsoft today, a total of 33 years from its initial public offering (IPO) to its first trillion-dollar valuation in 2019. The surge in tech stocks and the Covid-19 pandemic pushed Microsoft past the next trillion, leading up to today’s $2.52 trillion valuation.

The crypto economy’s valuation grew 169.23% faster than Microsoft’s current market cap. Apple too took a significant amount of time to get to its current valuation since the firm’s inception in 1976. Apple beat Microsoft to the trillion mark a year beforehand in August 2018, and it took the firm 41 years to get there. Two years after 2018, Apple hit the second trillion and in August 2021, the firm reached the $2.5 trillion mark. Shares of Apple have since dropped a hair, down to $150.68 per share and Apple holds a $2.48 trillion valuation.

Crypto Economy Grew 215% Faster Than Apple’s Valuation Growth — Some Believe the Value of Cryptocurrencies Will Surpass the Growth of the Internet Itself

The crypto economy grew 215.38% faster than the mega tech firm Apple by hitting $3 trillion in less than 13 years. The crypto economy is also bigger than Google’s 2 trillion dollar worth and big oil’s Saudi Aramco and its $1.99 trillion valuation. Google is 23 years old and hit the $2 trillion mark faster than both Apple and Microsoft.

However, the crypto economy grew 76.92% faster than Google’s overall market capitalization, and the 10,464 crypto-assets’ overall value is over 1 trillion dollars larger today. In 2016, Crown Prince Mohammed bin Salman said Saudi Aramco would be a trillion-dollar firm after a partial privatization scheme was settled. His prediction eventually came true and Saudi Aramco is the fourth largest asset by market cap today.

Meanwhile, the largest oil company Saudi Aramco is 88 years old and in 2019, it hit the $2 trillion market capitalization zone. It took 85 years for the Saudi oil company to make it to this milestone, which is roughly 553.84% slower than the crypto economy’s 13-year run-up in value.

In terms of growth, only the internet itself has seen exponential value grow as wildly as the cryptocurrency and blockchain economy. In fact, many crypto proponents believe it will or it already has outpaced the world wide web in terms of value. “The innovations in this industry may even surpass the Internet itself,” The cofounder and former CEO of Bitmain, Jihan Wu, said earlier this year.

What do you think about the crypto economy rising to $3 trillion in less than 13 years? Let us know what you think about this subject in the comments section below.

Singapore Strives to Become Global Crypto Hub, Monetary Authority Reveals

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Singapore Strives to Become a Global Crypto Hub, Monetary Authority Reveals

Singapore, already a major financial center in the world, is now aiming to become a cryptocurrency hub as well. The city-state is seeking to secure its role as a leading player in the crypto space, the head of its central banking institution has indicated in recent comments.

Singapore to Establish Itself as Center for Crypto Business

Authorities in Singapore are taking steps to cement its position as a key player in crypto business, the official who has been at the helm of the Monetary Authority of Singapore (MAS) for a decade has revealed in an interview. It comes as Singapore and other financial hubs around the world are exploring ways to regulate the rapidly growing sector. Quoted by Bloomberg, managing director of MAS Ravi Menon stated:

We think the best approach is not to clamp down or ban these things.

The MAS is Singapore’s central banking institution responsible for setting the rules for banks and financial firms. The authority is now trying to also introduce “strong regulation” for companies dealing with cryptocurrency, to allow those that meet its requirements and properly address the full range of associated risks to operate in the jurisdiction.

“With crypto-based activities, it is basically an investment in a prospective future, the shape of which is not clear at this point,” Menon noted. The executive warned that Singapore risks being left behind if it doesn’t get involved in the space. He further elaborated:

Getting early into that game means we can have a head start, and better understand its potential benefits as well as its risks.

Ravi Menon insisted that Singapore must raise its safeguards to counter risks including those related to illicit flows. At the same time, the city-state is “interested in developing crypto technology, understanding blockchain, smart contracts.” It’s also preparing for a Web 3.0 world, the central banker emphasized.

In the race to attract crypto businesses, Singapore is competing with destinations such as Malta, Switzerland, and El Salvador, among others. The task is a difficult one as in many cases the crypto industry has developed with few regulations while players oppose government attempts to introduce limitations. A major crypto platform already operating in Singapore is Binance, the world’s leading digital asset exchange.

Earlier this year, MAS announced that 170 companies had applied for payment service licenses, bringing the total of applicants under its Payment Services Act from January 2020 to 400. In August, the authority revealed it had notified several providers that it was going to license them. However, just three crypto companies have since received the permits, including the brokerage arm of DBS, Singapore’s largest bank. Around 30 other entities have withdrawn their applications.

The managing director of the MAS pointed out that the regulator is taking time to assess applicants to ensure that they meet its high requirements. The authority has prepared itself in terms of resources to work with an increasing number of licensees but also stressed:

We don’t need 160 of them to set up shop here. Half of them can do so, but with very high standards, that I think is a better outcome.

Menon is convinced that the benefits of having a well-regulated domestic crypto industry could also extend beyond the financial sector. “If and when a crypto economy takes off in a way, we want to be one of the leading players,” he insisted, adding that the crypto space can help create jobs and added value even more than the traditional financial industry.

Do you think Singapore will achieve its goal of establishing itself as a leading global crypto hub? Let us know in the comments section below.

Swarm of Alternative Crypto Assets Outpace Bitcoin’s Gains by Double Digits This Week

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After the price of bitcoin tapped an all-time high above the $67K handle, it then dropped below the $60K zone to $59,510 per unit. Since then, the leading crypto asset has regained some of the losses and bitcoin is still up 2.4% during the last seven days. However, a great number of crypto assets have outperformed bitcoin’s weekly rise, capturing double-digit gains as high as 65.1%.

Thorchain, Nexo, Near, Okb, Shiba Inu, Safemoon Values Spike


Digital currency markets are on the move again as the $2.733 trillion market valuation of all 10,000+ crypto assets is up 4.6% on Monday. BTC has jumped a bit higher during the latter half of Sunday’s trading sessions into Monday and BTC has gained 2.4% this past week. But there’s over 55 different digital assets that have outperformed BTC’s weekly gains.

The top seven-day gainer this week is thorchain (RUNE) which has jumped a whopping 65.1% this past week. The crypto asset thorchain has a $3.3 billion market capitalization and $208 million in trade volume on Monday. Nexo (NEXO) spiked 61.6% during the last week and has a market cap of around $1.5 billion.

Nexo is followed by okb’s (OKB) gains which have jumped 61.5% this week and near’s (NEAR) value rise of 56.1%. Shiba inu suffered some losses after Elon Musk said he didn’t own any SHIB but the meme-currency did gather 53.2% in gains this week. Harmony (ONE) did well this past week obtaining 47.5% and safemoon (SAFEMOON) lifted 45.8%.

Ethereum Gains 9% Pushing Market Dominance to 18.2%


As far as the top ten crypto are concerned, ethereum (ETH) has risen 9.4%, binance coin (BNB) spiked 3.4%, solana (SOL) is up 33%, polkadot (DOT) up 5.7%, and dogecoin (DOGE) jumped 10.7%. With a $2.733 trillion market valuation, all the digital assets today have seen around $125 billion in global trade volume.

Ethereum’s 9.4% gain has cushioned ether’s dominance level this week as it has tapped 18.2% on Monday. Bitcoin’s dominance level has dropped a couple of percentages from over 45% to 43.5% on Monday afternoon.

Furthermore, binance coin (BNB) has a market cap dominance of around 3.09%, the stablecoin tether (USDT) commands 2.72%, cardano (ADA) 2.71%, and solana (SOL) 2.43% in terms of market dominance among the 10,000+ crypto assets.

What do you think about the crypto market performers this past week? Let us know what you think about this subject in the comments section below.