Mastercard and BNY Mellon supported cryptocurrencies on Thursday.
The images are from Yuriko Nakao.
The total market cap of cryptocurrencies was $2 trillion on Thursday, according to data from CoinMarketCap.
The recent peak of about $3 trillion was a drop from the previous peak of about $69,000. The world's most popular coin has plummeted since then, with its sell-off accelerated this week after minutes from the Federal Reserve suggested that interest rate hikes could happen sooner than expected.
The Wednesday sell-off erased about $60 billion in market value, with the criptocurrency losing a total of $500 billion in value since its peak. ether has lost about $50 billion in market value during this week's sell-off, and has seen its total market cap fall by $170 billion since its peak.
Some investors think the sell-off will be short-lived despite the broken support levels. As institutions step in and buy, the price of the virtual currency is expected to fall to a floor of around $38,000.
The decline in the total market value of cryptocurrencies isn't solely due to the decline in the price of ether. Over the past week, more than 25 cryptocurrencies with a market value of at least $1 billion have lost 10% or more of their value.
Solana is down 42% from its record high after falling 9% over the past day. Cardano is about 60 percent below its record high, while Polkadot is about 51 percent below its peak. The decline in cryptocurrencies could continue if investors keep their risk-off attitude.
The coin market cap.
Business Insider has an original article.
