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.