The global cryptocurrency market has seen some fluctuations in the past 24 hours. The total market capitalization stands at $1.05 trillion, marking a decrease of 0.74% from the previous day. Additionally, the 24-hour trading volume has decreased by 26.71%, amounting to $28.4 billion.
The cryptocurrency market, especially Bitcoin, has been under significant pressure recently. Bitcoin’s price has fallen below its 200-day moving average (MA), a key technical indicator that has historically marked major corrections in its price. According to trader Ali, this drop often precedes a decline to the “realized price”, an on-chain metric currently around $20,350.
Adding to the global financial concerns, the MSCI World Index, which comprises large and mid-cap stocks from twenty-three developed countries, experienced a sharp drop on Aug. 17. This decline coincided with growing concerns about China’s economy and the possibility of rising interest rates.
China’s economic downturn has led to fears that its central bank might devalue the yuan to stimulate the economy. Such a move could have adverse effects on the cryptocurrency market, especially in the short term. Historical data shows that when China devalued the yuan in August 2015, Bitcoin’s price dropped by 23% in the subsequent two weeks, and the overall crypto market declined by 27% during the same period.
Further adding to the market’s woes, Binance, one of the largest cryptocurrency exchanges, has reportedly halted withdrawals in EUR and SEPA. There’s no specified timeline for when users can withdraw actual money. This news comes as Binance’s native token, BNB, hits a yearly low.
In other developments, Shibarium, which was touted as a revolutionary Layer 2 solution by the Shiba Inu team, seems to be falling short of expectations. Critics argue that the Shiba Inu team might have been better off sticking to their meme cryptocurrency origins rather than venturing into serious blockchain infrastructure. Following the Shibarium launch, SHIB’s price has plummeted to a low of $0.000007866, making the previous rally to $0.00001135 seem baseless.
With all these factors combined, it’s clear that the crypto market is facing a multitude of challenges. Investors and enthusiasts are advised to stay informed and make decisions based on comprehensive research and analysis.
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