- Bitcoin’s market value plummeted to $1.15 trillion.
- Global crypto market volume increased 33% to $116.56 billion.
The cryptocurrency cart drained on Tuesday amid market turbulence. Traders profited in digital tokens despite speculation of global cryptocurrency restrictions tightening.
The world’s most valuable cryptocurrency, Bitcoin was trading slightly over $61,100, down over 7%. Its market value plummeted to $1.15 trillion, with $1.67 billion traded in the last 24 hours. Bitcoin’s value has dropped about $5,000 since yesterday.
Except for the two dollar-pegged stablecoins, all other top ten cryptocurrencies were down. Polkadot fell 11%, while Ethereum lost 8%. The worldwide crypto market cap fell 7% to $2.66 trillion from the previous day. However, global crypto market volume increased 33% to $116.56 billion. According to Zebpay Trade Desk, Ethereum outperformed Bitcoin.
ZebPay further added:
“However, over the past 24 hours both these assets have seen a correction. We have also witnessed some profit booking that took place when the short lived rally set in over the weekend, leading to a sell-off, which might have turned the tide.”
Taproot Upgrade
Since the 2017 SegWit (Segregated Witness) block capacity adjustment, Taproot is the most significant bitcoin protocol update. By removing signature data from bitcoin transactions, SegWit increased the number of transactions per block.
While Bitcoin’s blockchain now can handle more complicated transactions, possibly expanding its use cases and making it more competitive with Ethereum for processing smart contracts. Due to criticism of its energy use and China’s cryptocurrency crackdown, Bitcoin fell below $30,000 in June. The crypto industry adapted to China’s broadsides, and the market recovered.
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