Crypto Markets Take Deep Losses, Global Trade Volumes Skyrocket, Elon Battles Crypto Twitter

Bitcoin and a slew of digital currency markets are seeing significant losses on Sunday as a majority of coins are down between 2-15% during the last 24 hours. The entire crypto-economy has dropped more than 6% and bitcoin dominance is down to 40% the lowest the metric has been in two years.

Crypto Markets Face New Lows

• Cryptocurrency markets lost billions on Sunday, as the price of the leading crypto asset bitcoin (BTC) slid from $49,800 to a low of $44,070 per unit. BTC lost 5.5% today and during the past seven days, bitcoin shed more than 20% in value.
• Bitcoin (BTC) dominance levels have dropped to the lowest levels in two years. Crashing to a low of 40% on Sunday, while ethereum (ETH) captures 18.9%. Besides ETH, coins like BNB, ADA, XRP, DOT, and others have been eating away at BTC’s dominance index.

• The second-largest crypto asset, in terms of market valuation, ethereum (ETH) is down more than 9% today, but has only lost 11% during the last week. ETH is seeing around $42 billion in reported global trade volume on Sunday.
• This weekend, a number of proof-of-stake (PoS) crypto assets are doing better than assets that leverage consensus models like proof-of-work. On Sunday afternoon, the PoS token peercoin is the second-largest crypto gainer, gathering 97.5% during the last 24 hours.

• On Sunday afternoon, Tesla’s Elon Musk has been awfully talkative when it comes to discussing bitcoin (BTC). Musk made some statements to the podcast host Peter McCormack and said: “Bitcoin is actually highly centralized, with supermajority controlled by handful of big mining (aka hashing) companies.”

• In another Twitter exchange, a Twitter account called “Mr. Whale,” said: “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings. With the amount of hate Elon Musk is getting, I wouldn’t blame him…” Musk responded to this tweet and replied: “Indeed” and even tweeted a screenshot of Mr. Whale’s tweet because some people couldn’t see it.

• At the time of writing, on 377 exchanges that tally 9,845 crypto assets, the overall crypto economy is valued at $2.107 trillion. There’s also been about $191 billion in reported global trade volume on Sunday according to market aggregators.
• The top stablecoins by market capitalization are benefitting from the crypto market downturn as stablecoins such as USDT, USDC, BUSD, and more are seeing heavy demand.

What do you think about the market downturn this weekend? Let us know what you think about this subject in the comments section below.