After months of being among the top ten global assets by market capitalization, Bitcoin has now fallen out of the elite list. The cryptocurrency has dropped to the eleventh position by market cap.
Bitcoin’s Market cap suffers
According to 8MarketCap data, Bitcoin, valued at $1.675 trillion, has been surpassed by Meta Platforms, which currently holds a market cap of $1.706 trillion.
Over the past 7 days, Meta’s market value has fallen by 3.04%, while Bitcoin’s market cap has dropped by 13.02%. Bitcoin is currently trading at $85,088, experiencing a 4.13% dip in the last 24 hours.
Bitcoin’s market cap has also seen a decline of over 4%. However, its 24-hour market cap has surged by 16%, reaching $68.33 billion.
The bearish trends in the crypto market had been building for some time but intensified after former President Trump announced that tariffs on Canada and Mexico would take effect as scheduled and that a 25% tariff would be imposed on the European Union. This tariff policy, combined with weak consumer data, has raised concerns about the prospects for economic growth, leading to a significant downtrend in Bitcoin and other cryptocurrencies.
However, crypto veterans, including Binance’s founder Changpeng Zhao, have weighed in amid the market panic. Zhao, in a very matter-of-fact manner, recently reassured traders that Bitcoin is not dying. His words have at least seemed to instill hope for crypto traders and hodlers in the midst of dropping fear and greed market index.
Also Read: Bitcoin Boom or Bust? Market Hinges on U.S. Reserve Decision
