The capitalization of the cryptocurrency market fell below $ 1 trillion

The total capitalization of the cryptocurrency market fell below $ 1 trillion, according to Coinmarketcap.

At the time of writing, the indicator is at $ 983 billion. At the same time, on Coingecco, capitalization is still higher than $ 1 trillion and demonstrates https://gagarin.news/news/web-summit-2022/ an increase of 1.6% over the past day.

Bitcoin is currently resting near $ 21,420, Ethereum – above $ 1460.

Earlier, Blofin analysts noted that the US stock market has decreased slightly, while the fall of cryptocurrencies has stopped.

“However, the next shock caused by an increase in the Fed’s rate in July is not far off,” Blofin added.

1/9. The U.STOCK Market Fell to Some Extend Today, Whereas the Crypto Market Stopped Its Losses. However, The Next Shock Brown by the Arrival of the Fede’S Interest Rate Hike in Juily is upcoming. Pic.Twitter.COM/4AGIMARSPC

– Blofin (@blofin_official) July 27, 2022

Analysts also pointed to the index of fear and greed. In their opinion, bear mood in the digital assets market “relatively stable”.

It is assumed that at the next meeting, Federal Reserve will increase the key rate by 75 b.P., up to 2.25–2.5%. Now the indicator is at the level of 1.5–1.75%.

In March 2022, the Fed for the first time since December 2018 increased the key rate by 25 b.P., up to 0.25-0.5%. Then bitcoin and s&P 500 demonstrated growth.

In May, the Fed raised the range of the key rate to 0.75–1% per annum, which surprised the markets. Against this background, the price of the first cryptocurrency in the moment overcame the level of $ 40,000, but on the same day it sank below $ 36,000, which was the beginning of a protracted correction.

In June, Federal Reserve sharply raised the key rate by 75 b.P., up to 1.5–1.75%. Bitcoin, which had previously failed the level of $ 30,000 on the news about accelerating annual inflation, reacted with growth.

Recall that the head of Galaxy Digital Mike Novograts admitted that the recession in the cryptocurrency market will last another 18 months. In his opinion, the industry will see the first signs of restoration after softening the monetary policy of the Fed.

The 2007 mortgage crisis, investor Michael Buerry predicted the continuation of the fall in bitcoin prices.

Read about how the Federal Reserve Bet on the quotes of the first cryptocurrency, read in FORKLOG cards.

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