Market update: Crypto recovers $4 billion as Dow closes down 8 percent

Crypto is showing signs of life, as total market cap has risen another $2 billion since this morning. Oil continues its downward spiral.

2 min read

The crypto market has exhibited small signs of positive change since the early afternoon. While more than $20 billion in total market cap was shed since Saturday, the market has recovered $4 billion since this morning.

Total market capitalization for the entire crypto market now stands at $224 billion. The price of Bitcoin, which fell to as low as $7,700 per coin today, is now hovering around $7,900.

Ripple and Ethereum, meanwhile, are still trading at around their daily lows. XRP is currently priced at $0.205, while ETH is trading for $198.

In the stock market, the Dow Jones Industrial Average suffered a 2,000 point loss, resulting in the worst trading day the US has seen in roughly 12 years. The S&P is sinking alongside it, closing today down 7 percent.

The price of oil is likewise down, and falling further: one barrel is now priced at $30.

“Crude oil has no limit down and did end up gaping down 27 percent,” explained market analyst Mati Greenspan in his latest Quantum Economics newsletter. “Everything that has to do with oil and energy is crashing today.”


The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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