Crypto Market Cap Drops Below $2 Trillion

by in Cryptocurrency News

crypto market fall

In the last 7 days, Bitcoin's price fell by around 10.33% and now trades at $42.100. Ethereum went down by around 14.60% and trades at around $2890. It's the first time since August 6 that the largest altcoin's price declined below $3000.

Related: Bitcoin exchange balance fell to three-year low

The total crypto market cap fell below $2 T and now stands at $1.86 T. Cryptocurrencies started to go down on Monday. This is connected with the overall stock market selloff that resulted in a major debt default of China's second-largest real-estate company Evergrande Group. The company manages around $300 bln in liabilities, and investors worry that it’s having troubles can cause destabilization of the financial system in China, one of the world's top economies.

US-based popular stock market Dow Jones Industrial Average sees its worst performance during nearly two months.

S&P 500 also sees its worst daily percentage since middle May.

Stock market trends have an impact on cryptocurrencies as currently, they are generally used as investment assets rather than utility products.