In early July 2024, the cryptocurrency market experienced severe turmoil, with the prices of Bitcoin (BTC) and Ethereum (ETH) continuously dropping.
From July 4th to 5th, the market capitalization of all cryptocurrencies was wiped out by around $270 billion before things improved, and the losses were reduced to nearly $100 billion.
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The cryptocurrency market crash resulted in a loss of nearly $64 billion on the last day.
Following this decline, the global market capitalization of cryptocurrencies fell below $2 trillion for the first time since the end of February. However, at the time of writing this article (July 5th, 16:50 Bulgarian time), it has slightly recovered and stands at $1.99 trillion.
This figure is not actually such bad news, as earlier in the morning, the total market capitalization of the sector had dropped to $1.906 trillion.
