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Crypto Economy’s Market Cap Slides Below $800 Billion for the First Time Since December 2020

Crypto Economy’s Market Cap Slides Below 0 Billion for the First Time Since December 2020The 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 […]

Crypto Economy’s Market Cap Slides Below 0 Billion for the First Time Since December 2020

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 like huobi (HT), ethereumpow (ETHW) and apecoin (APE) saw gains today between 1.7% to 7.3% with HT 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 coin’s (USDC) market valuation equates to ​​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 were down on Monday as well as gold slid 0.69% and silver dropped by 0.48%. Platinum happened to increase 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.

What do you think about the crypto economy dropping below the $800 billion range? Let us know what you think about this subject in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

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Altcoins

Binance re-enters the Japanese market with purchase of SEBC exchange

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan. KEY TAKEAWAYS SEBC is a Japan Financial Services Agency (JFSA) regulated entity. By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange. At the time of the Binance acquisition, […]

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Crypto exchange Binance has reentered the Japanese market after acquiring a 100% stake in Sakura Exchange BitCoin (SEBC), a regulated cryptocurrency exchange in Japan.

KEY TAKEAWAYS

  • SEBC is a Japan Financial Services Agency (JFSA) regulated entity.
  • By acquiring SEBC, Binance aims to offer Japanese-regulated services through the exchange.
  • At the time of the Binance acquisition, the Tokyo-based exchange supported 11 trading pairs; mainly cryptocurrency-Japanese Yuan pairs.

Despite the tense situation in the crypto market following the collapse of FTX which seems to be taking other crypto entities like BlockFi down with it, Binance seems to be spreading its wing further and further. The SEBC acquisition comes weeks after Binance pulled out of its planned FTX rescue plan citing issues with FTX’s financial book.

Expanding into Japan

In the past few years, Binance has been expanding its business across various countries as it stamps its authority within the crypto space. So far, the crypto exchange has secured regulatory approvals in France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus.

The acquisition of Sakura Exchange BitCoin marks the exchange’s first entry into East Asia. Most importantly, SEBC is already a regulated entity which means Binance will be able to offer regulated services in Japan, which is a major economy in East Asia.

In a press release announcing the acquisition of the Japanese exchange, the general manager of Binance Japan, Takeshi Chino, said:

“The Japanese market will play a key role in the future of cryptocurrency adoption. As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto.” 

At the time of the acquisition, SEBC offered customer consultation services and crypto brokerage services supporting 11 crypto-Japanese Yuan trading pairs. The trading pairs include BTC/JPY, ETH/JPY, BCH/JPY, XRP/JPY, LTC/JPY, ETC/JPY, XEM/JPY, MONA/JPY, ADA/JPY, XYM/JPY, and COT/JPY.

The post Binance re-enters the Japanese market with purchase of SEBC exchange appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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