{"id":490214,"date":"2022-05-11T21:00:53","date_gmt":"2022-05-11T21:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=490214"},"modified":"2024-06-11T14:19:47","modified_gmt":"2024-06-11T14:19:47","slug":"bitcoin-market-cap-falls-by-315-billion-as-crypto-adoption-in-2022-fails-to-materialize","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-market-cap-falls-by-315-billion-as-crypto-adoption-in-2022-fails-to-materialize\/","title":{"rendered":"Bitcoin Market Cap Falls By $315 Billion As Crypto Adoption In 2022 Fails To Materialize"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Cryptocurrencies&#8217; values have been diving due to the current bloodbath in the crypto market. Likewise, the largest and most popular cryptocurrency, Bitcoin, also continues to lose its value. The coin has consecutively dropped since the year 2022 has turned.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Per the statistics provided by <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">Tradingview.com<\/a>, the market value of the giant Bitcoin was fledging around $883.89 billion on January 1. However, after the continuous downtrend in the value, its market capitalization as of May 10 stands around $568.55 billion.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/market-downtrend-trigger-bitcoin-inflows-from-institutional-investors\/\" target=\"_blank\" rel=\"noopener \">Market Downtrend Trigger Bitcoin Inflows From Institutional Investors<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">It means that the Bitcoin market cap has lost more than 35% by outflowing $315 billion since the beginning of the year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The DeFi asset&#8217;s drop in price has similarly declined the DeFi market cap. Meanwhile, Bitcoin faced an ever-decreasing price falling from $46,726 on January 1 and trading at $29,865 as of May 11.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In other words, the BTC price at the time of writing had lost 35%. Or say the price has decreased by $17,861 compared to its value before the year started.\u00a0<\/span><\/p>\n<h2>Crypto Bloodbath Occurs Amidst Bitcoin&#8217;s Growing Adoption<\/h2>\n<p><span style=\"font-weight: 400\">Bitcoin&#8217;s inability to capitalize on the crypto adoption of 2022 across the global industries, became the reason for these year-to-date (YTD) losses. It also encircles the recent adoption of Bitcoin in the Central African Republic (CAR), the second country after El Salvador to make Bitcoin a legal tender.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In terms of the adoption, the Bitcoin network has reportedly installed <a href=\"https:\/\/finbold.com\/3000-bitcoin-atms-were-installed-globally-in-2022-more-than-20-a-day\/\" target=\"_blank\" rel=\"noopener nofollow\">3,000 ATMs in 2022<\/a> where users can buy and sell Bitcoins. The number of such machines is 37,338 as of May 11.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Players in the industry put their efforts in 2021 to spread the growth of Bitcoin, installing over 10,000 ATM machines globally.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">It is not only Bitcoin that recorded increasing adoption; nearly <a href=\"https:\/\/finbold.com\/over-720-new-cryptocurrencies-and-30-crypto-exchanges-emerged-in-march-2022\/\" target=\"_blank\" rel=\"noopener nofollow\">700 new cryptocurrencies<\/a> and 30 crypto exchanges have rolled out solely in March. At the time of writing this news piece, 19,384 cryptocurrencies are circulating in 525 total crypto exchanges.<\/span><\/p>\n<figure id=\"attachment_490222\" aria-describedby=\"caption-attachment-490222\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-490222\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/05\/BTCUSD_2022-05-11_17-33-16-1.png?resize=860%2C478\" alt=\"BTCUSD_2022-05-11_17-33-16 (1)\" width=\"860\" height=\"478\"><figcaption id=\"caption-attachment-490222\" class=\"wp-caption-text\">Bitcoin price currently trades above the $30,000 mark. | Source: BTC\/USD price chart from <a href=\"https:\/\/www.tradingview.com\/chart\/7kaJ1mts\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<h2><span style=\"font-weight: 400\">Cryptocurrency Is Now Linked With Stocks<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Cryptocurrencies&#8217; relationship with stocks has grown up since many financial institutions have adopted blockchain technology over the past year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Traditional financial markets, alongside the crypto industry, have been seeing a big sell-off due to tightening monetary policies of the Federal Reserve spreading fear. Therefore, Wall Street is having difficulty, and its index has decreased by 3.75%.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-long-term-holders-capitulating-amid-panic\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Long-Term Holders Start Capitulating Amid Panic<\/a><\/strong><\/em><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin&#8217;s price lastly went below $30,000 in July 2021 when its value reached the $29,301 mark before rebounding.<\/span><\/p>\n<p><span style=\"font-weight: 400\">&#8220;Bitcoin could perhaps receive a mini-bounce near $35,000, but unless we break the trend line at around $37,000, I&#8217;m predicting for $29,000 in the coming weeks or week,&#8221; <a href=\"https:\/\/wncen.com\/news\/bitcoin-price-crashes-below-30k\/\" target=\"_blank\" rel=\"noopener \">said<\/a> Wendy O, a crypto analyst, in a new social media video.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Many investors called BTC the gold of the digital era and a potential safety investment posing inflation hedge. But, seeing the volatile price actions of cryptocurrencies, the market doesn&#8217;t consider virtual assets as a reliable value repository.<\/span><\/p>\n<pre style=\"text-align: center\">Featured image from Pixabay and chart from TradingView.com<\/pre>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrencies&#8217; values have been diving due to the current bloodbath in the crypto market. Likewise, the largest and most popular cryptocurrency, Bitcoin, also continues to lose its value. The coin has consecutively dropped since the year 2022 has turned. Per the statistics provided by Tradingview.com, the market value of the giant Bitcoin was fledging around $883.89 billion on January 1. However, after the continuous downtrend in the value, its market capitalization as of May 10 stands around $568.55 billion. Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors It means that the Bitcoin market cap has lost more than 35% by outflowing $315 billion since the beginning of the year. The DeFi asset&#8217;s drop in price has similarly declined the DeFi market cap. Meanwhile, Bitcoin faced an ever-decreasing price falling from $46,726 on January 1 and trading at $29,865 as of May 11. In other words, the BTC price at the time of writing had lost 35%. Or say the price has decreased by $17,861 compared to its value before the year started.\u00a0 Crypto Bloodbath Occurs Amidst Bitcoin&#8217;s Growing Adoption Bitcoin&#8217;s inability to capitalize on the crypto adoption of 2022 across the global industries, became the reason for these year-to-date (YTD) losses. It also encircles the recent adoption of Bitcoin in the Central African Republic (CAR), the second country after El Salvador to make Bitcoin a legal tender. In terms of the adoption, the Bitcoin network has reportedly installed 3,000 ATMs in 2022 where users can buy and sell Bitcoins. The number of such machines is 37,338 as of May 11. Players in the industry put their efforts in 2021 to spread the growth of Bitcoin, installing over 10,000 ATM machines globally.\u00a0 It is not only Bitcoin that recorded increasing adoption; nearly 700 new cryptocurrencies and 30 crypto exchanges have rolled out solely in March. At the time of writing this news piece, 19,384 cryptocurrencies are circulating in 525 total crypto exchanges. Cryptocurrency Is Now Linked With Stocks Cryptocurrencies&#8217; relationship with stocks has grown up since many financial institutions have adopted blockchain technology over the past year.\u00a0 Traditional financial markets, alongside the crypto industry, have been seeing a big sell-off due to tightening monetary policies of the Federal Reserve spreading fear. Therefore, Wall Street is having difficulty, and its index has decreased by 3.75%. Related Reading | Bitcoin Long-Term Holders Start Capitulating Amid Panic Bitcoin&#8217;s price lastly went below $30,000 in July 2021 when its value reached the $29,301 mark before rebounding. &#8220;Bitcoin could perhaps receive a mini-bounce near $35,000, but unless we break the trend line at around $37,000, I&#8217;m predicting for $29,000 in the coming weeks or week,&#8221; said Wendy O, a crypto analyst, in a new social media video. Many investors called BTC the gold of the digital era and a potential safety investment posing inflation hedge. But, seeing the volatile price actions of cryptocurrencies, the market doesn&#8217;t consider virtual assets as a reliable value repository. Featured image from Pixabay and chart from TradingView.com &nbsp;<\/p>\n","protected":false},"author":563,"featured_media":490221,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84782,85141,631,1558],"class_list":["post-490214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-dip","tag-bitcoin-dips","tag-bitcoin-market-cap","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Market Cap Falls By $280 Billion As Crypto Adoption In 2022 Fails<\/title>\n<meta name=\"description\" content=\"After facing continuous dips since the year has turned, the Bitcoin market capital has lost more than 35% by outflowing $315 billion.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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