Red dominates cryptocurrency markets amid economic concerns
(MENAFN) For the fourth consecutive session, digital currency trading platforms have been dominated by losses, following a wave of significant gains spurred by former US President Donald Trump's market support. The overall market value of the cryptocurrency sector has plummeted by 13.4 percent over these four sessions, resulting in a staggering USD333 billion loss. The market's total value declined from USD2.486 trillion last Wednesday to USD2.153 trillion in the most recent trading sessions. The downturn has been exacerbated by the latest U.S. jobs report for July, which has heightened fears of a potential recession in the world's largest economy. Dan Dolev, a senior analyst at Mizuho Securities, noted in a recent research report that Bitcoin is not the safe haven many believe it to be. He emphasized that rising unemployment and job losses could force people to sell their cryptocurrencies.
Bitcoin has been the hardest hit among the cryptocurrencies, recording a 1.02 percent loss in the past hours and a 9.7 percent decline over the week, trading at USD60,846 as of yesterday. This decline has reduced its total market value to USD1.2 trillion, though it still holds a dominant 55.7 percent market share of the entire cryptocurrency market. Ethereum, the second-largest cryptocurrency by market value, also faced significant losses, with a 1.7 percent drop in the past hours and a 9.4 percent decrease in recent transactions, bringing its price to USD2,914. Ethereum's total market value fell to USD350.4 billion, capturing 16.27 percent of the total market share.
Tether remained stable, holding its price at USD1.00, with its total market value steady at USD114.4 billion, representing 5.31 percent of the market. Meanwhile, BNB, the fourth largest cryptocurrency by market capitalization, experienced a 2.4 percent loss in the past hours and an 8.6 percent decline over the past week, trading at USD528.69. This brought BNB's total market value down to USD77.16 billion, accounting for 3.58 percent of the overall cryptocurrency market capitalization. The sustained decline across these major cryptocurrencies reflects the broader market's vulnerability amid growing economic uncertainties.
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