After a brief effort of getting out of the bear markets last week, the crypto market suffered a few hiccups while starting the current week. As the impact of cryptocurrencies such as Bitcoin, Ether, Solana and Polkadot plummeted as the week began, the global cryptocurrency market cap on Monday, July 25, plummeted by 3.06 per cent over the prior day to $1.01 trillion.
Bitcoin gave up the gains it had achieved during the previous week, which had taken it to a one-month high of $23,000, and fell below the $22,000 barrier on Monday. Bitcoin lost 3.76 percent in the previous 24 hours to $21,927.40, according to CoinMarketCap statistics as of the time of writing. Bitcoin’s downtrend began at the end of last week when Elon Musk’s Tesla announced that it had sold 75% of its BTC holdings.
The second-largest cryptocurrency, Ether, which is connected to the Ethereum network, dropped more than 2% to $1,536. Shiba Inu’s price fell more than 4% to $0.000011 while Dogecoin’s price today was trading roughly 4% lower at $0.06.
Ether has soared by more than 50% in a month among the uncertainty. Co-founder Vitalik Buterin stated during the annual Ethereum Community Conference (EthCC) in Paris that after the Merge upgrade is complete, the Ether network would be 55% complete.
Buterin has previously stated that the Merge update will happen in August. The present Ethereum Mainnet will “merge” with the beacon chain proof-of-stake mechanism as part of the impending update.
Other cryptocurrency values have performed poorly today, with Uniswap seeing a 3 percent increase while XRP, Solana, BNB, Litecoin, Stellar, Chainlink, Tron, Apecoin, Avalanche, Polkadot, and Tether prices have all decreased over the past 24 hours.
According to Bloomberg, cryptocurrency exchange Zipmex stated on Sunday that it was exploring a potential deal after speaking with interested parties and that due diligence should start.
The Asian platform was one of many in the digital assets sector to have financial troubles in recent weeks, operating in places including Singapore, Thailand, Indonesia, and Australia. Withdrawals were stopped last week as the sector continued to be affected by a slew of defaults.
Zipmex followed other cryptocurrency companies, including Celsius Network Ltd. and Vauld, in stopping withdrawals, leaving depositors stranded and highlighting the dangers of leveraged bets that are pervasive in the market. Singapore-based cryptocurrency loan and trading platform Vauld is attempting to avoid bankruptcy by selling itself to a rival and requesting legal relief.
Insolvency risks loomed big over significant crypto lending businesses, sowing worry among market players that the cryptocurrency economy was unable to recover from Terra’s collapse in May.