It has been roughly four days since the series of unfortunate events pushed the cryptocurrency market to take a massive turn for the worse, and it is still struggling to recover from the devastation that saw as much as $50 billion outflow from its market capitalization within a single hour on March 3.
Specifically, the total crypto market cap is battling to hold above a $1 trillion psychological level, as at press time, stood at $1.03 trillion, recording a slight improvement of 0.51% over the past day but still a far cry from the amount recorded seven days before, according to the data retrieved from the crypto tracking platform CoinMarketCap on March 7.
Indeed, the developments creating the sentiment of ‘FUD’ (Fear, Uncertainty, and Doubt) accumulated in the days leading up to the recent downturn, ranging from the crypto bank Silvergate crashing, the expectations of a ‘hot’ Consumer Price Index (CPI), and Mt. Gox creditors potentially receiving massive Bitcoin (BTC) reimbursements, which many believe could result in a large sell-off, causing the BTC price to tank.
Slow road to recovery
More recently, however, the pressure seems to have slightly eased, as Bitcoin is recording a modest gain of 0.07% on the day, and Ethereum (ETH) has increased by 0.42%, but this is still not enough to more significantly reduce the difference in the crypto market cap between the present and seven days before.
Meanwhile, the events that could help the crypto market move toward recovery include crypto exchange Bybit’s release of a crypto-enabled debit card powered by the Mastercard (NYSE: MA) network and issued by Moorwand, which allows users to easily transition from the crypto to the fiat world.
On top of that, Nigel Green, CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management, and fintech organizations, has recently noted that the United States government’s race for a digital dollar would fuel the case for Bitcoin.
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