Market update: crypto recovers slightly as oil, Dow slide further

Total market capitalization for cryptocurrency has dropped by more than $40 billion since Saturday.

It now stands at approximately $222 billion, according to CoinMarketCap. And while crypto traders and holders remain in dire straits, some might take comfort in knowing that the market has recovered somewhat since earlier this morning.

During the early hours, the global crypto market cap dropped today to as low as $219 billion. It has since regained about $2 billion in a relatively short period. Some crypto assets have also shown marginal gains since this morning. But while Bitcoin climbed up to around $7,800 within the last few hours, it’s now back to trading at a low of $7,700 for the day.

Ethereum and Ripple (XRP) have also each fallen by about 15 percent, and are currently trading for roughly $195 and $0.20 per coin, respectively.

Today’s market meltdown can be attributed to a two-fold crisis: global panic surrounding the spread of the coronavirus, and an all-out price war over oil between Russia and OPEC. The Putin-led nation has refused to reduce its oil output, resulting in the commodity dropping by as much as 30 percent, according to Business Insider. Oil is now selling for about $32 a barrel.

The Dow Jones Industrial Average has likewise taken a nasty tumble in one of the worst trading days since the financial crisis of 2008. The Dow dropped by 1,600 points earlier this morning and has now slid further: It’s currently down by more than 2,000 points for the day.