The effect of the fear of recession in America is visible from the stock market to the world of crypto. After the poor economic data, there was a huge decline in the stock markets around the world. Now the stock markets have started recovering, but the decline in cryptocurrency prices is still continuing.
Bitcoin prices fell so much
According to Coin Market Cap, the price of the most prominent cryptocurrency Bitcoin is seeing a decline of 0.11 percent today and it is currently at $ 56,812. On Monday, the price of Bitcoin fell by 11 percent. Currently, the most prominent cryptocurrency Bitcoin is trading at a loss of about 15 percent in the last 7 days, while its prices are down 20 percent compared to the high level achieved in March 2024.
Loss equal to Elon Musk’s wealth
Right now the market cap of bitcoin is close to $1.12 trillion. Due to the fear of recession, the market cap of bitcoin has fallen by about $220 billion. That is, it can be said that bitcoin investors have suffered a huge loss of $220 billion in the last few days. This figure can be estimated by the fact that the net worth of the world’s richest person Elon Musk is currently $223 billion.
Ethereum in the biggest loss
If we look at the ratio of decline, Ethereum has suffered the most loss. Its price fell by 20 percent on Monday. Today this cryptocurrency has fallen by 0.29 percent to below $2,500. In the last 7 days, its price has fallen by about 25 percent. Ethereum is currently the second largest cryptocurrency with a market cap of a little more than $300 billion.
Other major cryptocurrencies are on the decline
Looking at other cryptocurrencies, BNB is down 0.61 percent today, while Solana has fallen by more than 1 percent. According to the last 7 days, both these cryptocurrencies have declined by about 17-17 percent. Similarly, XRP and Dogecoin are in loss of more than 20-20 percent. The prices of Bitcoin and Cardano have fallen by 15 percent and 17 percent respectively.