The global cryptocurrency market capitalization has dropped below the $800 billion region for the first time in 691 days or since December 30, 2020. Bitcoin has dipped below the $16K region dropping 5. 12% over the past 24 hours, and the second leading crypto asset ethereum shed 7. 61% on Monday, dropping below the $1,100 range.
Crypto Economy Sheds More Than 4% over the last day, Bitcoin Drops Below $16K, Ethereum Slips Below $1,100
Cryptocurrencies had a rough Monday as the entire digital asset market capitalization saw a 4. 37% decrease over the last day. Furthermore, the U.S. dollar valuation of all the crypto assets in existence fell below the $800 billion zone, the lowest value seen since December 30, 2020.
While cryptocurrency trade volumes rose to $150 to $225 billion during the FTX market mayhem, global trade volumes dropped greatly down to $66. 66 billion in 24-hour trade volume on November 21, 2022. Bitcoin (BTC) dropped to a low of $15,588 per unit on Monday under the $16K range and it’s currently coasting along at $15,721 per unit at 3: 30 p.m. (ET).
Ethereum (ETH) is trading for $1,091. 14 per unit after losing 7. 61% in USD value during the last 24 hours. Some of the biggest losers on Monday include near protocol (NEAR) down 12.6%, terra luna classic (LUNC) lost 11.1%, and solana (SOL) shed 10.7% in 24 hours.
Coins such as huobi, ethereumpow and apecoin (APE), saw gains of between 1.7% and 7.3% today. HT is leading the pack. Presently, BTC‘s dominance among the entire crypto economy’s digital assets is 38.7% on Monday, while ETH‘s dominance is 17.1%.
Regarding the global trade volume on Monday, tether (USDT) dominates the books with $53. 73 billion of the $66. 66 billion in worldwide trade volume. Furthermore, as the crypto economy’s valuation shrank on Monday, USDT‘s dominance increased to 8.102%.
Usd’s market value (USDC), is 5. 485% of the $786. 27 billion crypto economy value on Nov. 21, 2022. In addition to crypto assets, equity markets in the U.S. shuddered as all four major indexes (NYSE, Nasdaq, Dow, S&P 500) were down for most of Monday’s trading sessions.
Precious metals fell 0. 69% and silver dropped by 0.48%. Platinum increased by 0. 41% against the greenback, but palladium dropped by 3. 74% during today’s New York spot prices note. By 4: 15 p.m. (ET) on Monday, BTC‘s price managed to climb to $15,900, while ETH‘s value managed to jump back above the $1,100 zone.
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Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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Binance US drops all Ethereum-USD trading fees
Binance US – the American branch of the world’s largest crypto exchange – has eliminated all Ether (ETH) spot trading fees just six months after doing the same for Bitcoin (BTC) pairs on the platform.
The zero-fee model will expand free trading to the platform’s ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD pairs.
- In a press release shared with CryptoPotato, Binance US revealed that it will be consolidating its pricing tiers into a single tier in January 2023. Tier I assets will have the same pricing as Tier II, and the consolidated Tier will be called ‘Tier I’.
- Binance US CEO Brian Shroder said the change is one of many at the company focused on “customer experience.” The exchange seeks to distinguish itself as one of the industry’s low-fee leaders, and to “restore trust in the greater ecosystem.”
“Now, more than ever, it is critical that platforms operate with users’ interests first,” stated the firm.
- Both Binance and Binance US introduced zero-fee Bitcoin trading on the same USD and stablecoin pairs in June, shortly after industry competitors like Coinbase and Robinhood announced major job cuts.
- Likewise, their Ethereum fee removal shortly follows the collapse of of FTX – Binance’s biggest rival from which the exchange seemingly absorbed hundreds of millions of dollars in withdrawal requests following a bank run in early November.
- Binance CEO Champeng Zhao has made numerous statements in the aftermath of FTX’s bankruptcy highlighting Binance as a more attractive alternative. These include implementing Merkle Tree proof of reserves, and re-promoting Binance’s zero-fee Bitcoin model from June.
- Though fees are a main source of revenue for companies like Binance, major exchanges are now taking profiting from staking services. Binance US announced ETH staking just before the Merge. Rates start at 6% APY.
Vitalik Buterin Advizes Using The Tech to Avoid Crypto Weariness
On December 4, Vitalik Buterin answered a question from a member of the community who stated that they were tired of scammers and fraudsters in cryptocurrency after nine years.
Crypto can be used as a vehicle to speculate at the moment and is where fraudsters thrive. The FTX meltdown was caused in part by bank runs that were fueled by excessive lending and overleveraging.
Buterin recommended focusing on technology and application rather than trading and investing.
“I’d recommend increasing your distance from trading/investing circles, and getting closer to the tech and application ecosystem.”
I recommend reducing your involvement in trading/investing circles and getting more involved with the technology and application ecosystem. You can learn more about ZK-SNARKs and visit a Latin American meetup. Listen to All Core Devs calls, read the notes, and memorize all the …
— vitalik.eth (@VitalikButerin) December 3, 2022
Vitalik – Learn More About The Tech
He said that crypto-fools should be educated about the underlying technology such as zk SNARKs.
Zk–SNARK is an acronym for “Zero Knowledge Succinct Non Interactive Argument of Knowledge.” This cryptographic proof allows one party to show that it has certain information, but not reveal what information.
Ethereum’s co-founder also suggested attending crypto and developer meetups, listening to core developer calls, and even memorizing all of the EIP (Ethereum Improvement Protocol) numbers.
Binance boss, also offered his support with the words “keep building.” Stani Kulechov, Aave founder, also recommended that we avoid being too closely involved in crypto’s financial side.
“I’d recommend to look into non-financial use-cases and contribute there, its a fresh breath from all financial activity.”
This is the default fallback option for crypto industry professionals in a bear markets .. The only way to keep your faith and belief in the technology and the industry strong is to sell panic (often at a loss) and then get dejected.
Ethereum advocate, agreed. He added that the bear market was the best opportunity to do this. He said that the tech side was more exciting than markets.
Ethereum price Outlook
The focus on tech comes as crypto asset prices are at the bottom of a long-running winter cycle. The collapse of large platforms like Terra/Luna and FTX has made their already fragile prices even more difficult.
Ethereum has gained 2.6% on the day to reach $1,290 at the time of writing, according to CoinGecko. ETH is approaching its highest price level for almost a month, but there is a lot of resistance at $1,300.
The asset remains down 73.5% from its all-time high, but that is not as deep as some of the other altcoins.
Swingby Partners with Chainlink To Secure Bitcoin Bridge
PRESS RELEASE. Swingby has recently announced a newly established partnership with Chainlink for Proof of Reserve. The recently publicized partnership is aimed to help secure the Swingby Skybridge which connects the Bitcoin blockchain, enabling the introduction of BTC into the Ethereum network.
Swingby Develops A More Advanced And Secure BTC Bridge
Swingby, a BTC bridge platform, plans to expand into other Blockchain ecosystems. This is in addition to Ethereum and Bitcoin. Swingby is the only BTC bridge that can protect against a WBTC-depegging event due to the advancement in platform security enabled by the partnership.
In a Swingby announcement announcing the partnership it was also revealed that the Bitcoin bridging protocol chose the Chainlink Proof of Reserve, due to what was proclaimed in the details of the announcement to be critical features offered by Chainlink’s oracle service.
Proof Of Reserve Offers Verifiable Transparency And Security
With the rise in instances of blockchain ecosystem crashes and catastrophic depeggings as well as sudden closures, bankruptcies, and other financial problems, transparency and security are of greater importance than ever in the industry.
Swingby made the decision to equip the protocol to employ Proof of Reserve as a transparency measure which protects the bridge from completing transfers that are not verifiably present in reserves backing token supply.
The Swingby announcement explains that the integrated Proof of Reserve will verify that the amount of BTC in reserve wallets equals the amount of WBTC tokens in the Ethereum network. The Proof of Reserve function will shut down the bridge until there is an agreement. This measure is intended to protect network and user security.
Raising The Standard With Proof Of Reserve
As mentioned, Swingby has been able to declare the network as the only BTC-to-BTC bridge that is protected against depegging of WBTC due to the Chainlink Proof of Reserve mechanism.
In keeping with blockchain transparency and security the bankruptcy filings of FTX, and Alameda Research’s sister company Alameda Research, has affected the REN Protocol that is owned by Alameda. Swingby is now one of the most prominent market leaders in this area and one of the decentralized bridges.
Swingby strives to make it easy to use its proof-of-stake network. Chainlink Proof of Reserve was designed to support an efficient UX. This is largely due to the automated process of presenting the trusted, secure, and up-to-date data to the smart contract powered network environment via the Chainlink oracle network.
How Chainlink Proof Of Reserve Is Expected To Support Swingby Skybridge
A current reference contract will be kept in order to provide smart contracts that allow for automated, on-chain verification of collateralization. The transparency of blockchain makes it possible to validate and monitor the data without the need for manual audits.
Chainlink Proof of reserve implements
Customizable external adapters. They can be used to source premium data providers via financial incentives. This means that data provided through Proof of Reserve facilitation is of the highest quality.
The Chainlink Proof of Reserve’s decentralized nature is also highlighted as an important feature of the design that supports the Swingby Skybridge. The announcement reveals that data sources and oracle nodes are distributed and thus eliminate the possibility of central failures in data sourcing and delivery to Swingby.
More To Come As Announced By Swingby
Senga Yasaka, CEO at Swingby, stated in a recent statement that more could be expected from the collaboration with Chainlink. Official Swingby announcement revealed plans to implement Proof of Reserve on Avalanche and Polygon blockchains via Skybridge. This is now that the Ethereum network has been fully operational. In his insights, the CEO highlighted the importance of Chainlink Proof of Reserve in Swingby’s decentralized infrastructure.
“We consider Chainlink Proof of Reserve to be mission-critical decentralized infrastructure for Swingby’s Skybridge and it will play a key role in preventing users from minting new WBTC tokens or swapping them if the BTC reserves become unpegged from the WBTC token supply. Security is paramount when building a bridge across blockchains, and Chainlink’s battle-hardened and time-tested oracle network is the most reliable in the industry.”
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