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The overall cryptocurrency market capitalization dropped by 7.48% to $1.19 trillion since yesterday. Meanwhile, the total cryptocurrency market volume surged 27.76% over the previous 24 hours to $62.12 billion.
Most top digital coins bleed at the moment. All the top-100 cryptocurrencies traded in the red zone during the early hours today. For now, the entire market seems gloomy. Binance Coin (BNB), Ripple (XRP), Ethereum (ETH), Dogecoin (DOGE), and Polkadot (DOT) lost 8 to 13% of their values.
With the market negativity, the global cryptocurrency capitalization declined to $1.19 trillion following a 7.48% plunge since yesterday. Alternatively, the crypto market saw its trading volume increasing by 27.76% over the last day to stand at $62.12 billion.
The recent sell-off comes as the broader market finds itself in a risk-off atmosphere reflected by the US equities plunge. The whole thing follows increased fear of slowed growth and the fear of the Delta virus, a COVID variant.
Meanwhile, institutions seem unbothered as they continue to show increased crypto interest regardless of the current situation. The Turkish Finance and Treasury Ministry declared an ongoing draft bill to legalize cryptocurrency. Keep in mind that El Salvador legalized BTC a few months ago. Also, Paraguay remains alert as far as crypto adoption is concerned.
Sakir Ercan Gul, the deputy minister, stated that they would present the cryptocurrency bill to the Turkey National Assembly by October this year.
According to ZebPay Trade Desk, the probability of a friendly crypto regulation approach is high. The platform trusts that such a move will open the nation for crypto exchanges business.
On the other hand, BTC had a beating over this week’s sessions, falling beneath $31K as Monday ended. As a result, most cryptocurrencies witnessed plummets. For now, the altcoins awaits for BTC to reclaim its lost stability to register surges. MATIC show hopes to restart upsurges towards its record highs in correlation to Bitcoin gains. At the moment, MATIC remains in a consolidation phase after aggressive increases. That translates to another opportunity for buyers that missed the previous window.
Do you think that the market will regain its momentum? Share your views below.
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