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Total Market Value of Cryptocurrency Falls Below $1 Trillion

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It is reported that the total market value of cryptocurrency fell below US $1 trillion after Paxos, the issuer of the US dollar stable currency, announced the …

Total Market Value of Cryptocurrency Falls Below $1 Trillion

It is reported that the total market value of cryptocurrency fell below US $1 trillion after Paxos, the issuer of the US dollar stable currency, announced the suspension of the casting of BUSD on Monday. This is also the first time that the index has fallen in nearly three weeks. At present, it has rebounded slightly to about US $1.05 trillion. In addition, analysts believe that the upcoming U.S. inflation data and the latest regulatory actions may also be the main reasons for this decline. Christopher Newhouse, a cryptooption trader at GSR, an investment company, said that with the upcoming release of the U.S. consumer price index (CPI) in January, the expectations of the cryptooption market look less optimistic than last month. In the stock market, the share price of Coinbase fell 1.2% on Monday, and the NASDAQ rose about 1.5%. In the past five trading days, the share price of Coinbase fell by about 24%. (Yahoo Finance)

The total market value of encryption fell below US $1 trillion after BUSD suspended casting

Interpretation of the news:


The cryptocurrency market experienced a decline in its total market value as it fell below US $1 trillion for the first time in nearly three weeks. The decline was caused by Paxos, the issuer of the US dollar stable currency, announcing the suspension of the casting of BUSD on Monday. Though it has rebounded slightly to about US $1.05 trillion, analysts attribute this decline to the upcoming U.S. inflation data and regulatory actions.

Cryptooption trader Christopher Newhouse at GSR, an investment company, believes that the expectations of the cryptooption market are less optimistic than last month due to the upcoming release of the U.S. consumer price index (CPI) in January. The fear of inflation in the U.S. economy is causing concern among investors, leading to a decline in the cryptocurrency market’s total value.

The decline did not only affect the cryptocurrency market; it also had a negative impact on the stock market. The share price of Coinbase, one of the largest cryptocurrency exchanges, dropped by 1.2% on Monday, while the NASDAQ Index gained 1.5%. Interestingly, the share price of Coinbase also fell by around 24% in the past five trading days.

Regulatory actions are also contributing to the decline in the market value of cryptocurrency. Governments across the world are working to regulate the cryptocurrency industry, especially as it becomes a more mainstream investment option. This regulatory action may cause significant changes in the cryptocurrency market, leading to increased volatility and uncertainty.

In conclusion, the suspension of the casting of BUSD by Paxos has led to a decline in the market value of cryptocurrency to below US $1 trillion. The decline is caused by the fear of inflation in the U.S. economy and regulatory actions. These factors have affected not only the cryptocurrency market but also the stock market. The cryptocurrency industry is facing increased volatility and uncertainty as governments work to regulate the industry.

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