Crypto Market Sinks Fast, Economists Debate Consequences

Crypto Market Sinks Fast, Economists Debate Consequences
  • Both Cryptocurrencies and stocks take a massive plunge. 
  • The overall market sentiment seems to be shrouded in fear and doubt. 
  • Economists expect a harsh state of inflation and an inevitable recession.

In just 24 hours, the financial market took a heavy hit and assets everywhere are dropping in value. The market sentiment is moving towards a downward spiral as investors scramble to secure their investments. 

What’s concerning is that the hit is affecting both traditional and decentralized economies. This is unfortunate news, especially for the crypto industry that needs a greedy sentiment to drive price surges. Presently, the Crypto Greed and Fear Index is at 28 indicating fear. 

In particular, figureheads in the crypto industry are keeping a close eye on the charts and educating the crypto community. For Instance, long time trader and investor of Bitcoin and other cryptocurrencies — Lark Davis, posted multiple tweets. 

One of these tweets highlighted how stocks lost $1.2 trillion on Friday. To elaborate, this means that stocks lost more than the whole market cap of crypto. Meanwhile, within the crypto market, $70.63 billion was wiped out from the global crypto market cap in just 24 hours. 

To highlight, a tweet listed out some of the major crypto and stock assets that dropped:

According to CoinGecko, all major cryptos are showing red downward signals. These include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), and almost every other crypto. It seems the crypto winter recovery was a short one, perhaps something even deadlier may be approaching. 

Lark Davis points an accusatory finger at Jerome Powell for possibly triggering this financial dip. He says that Powell erased more than a trillion dollars for crypto and stocks both with one short speech. Lastly, economists are expecting high inflation and quite possibly a recession on the horizon.

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.