Bitcoin Lost Its Global List by Market Cap

Bitcoin's Market Value Declines

Bitcoin has dropped to a market value of 1.62 trillion dollars, slipping to 12th place among global assets. After experiencing a 9.3% decrease in the past week, it has drifted away from its peak of 126,000 dollars reached in October.

Ethereum Also Dropped

Similarly, Ethereum experienced significant declines. Its market value fell to just above 300 billion dollars, dropping to 56th place, with a 14.5% reduction in its value.

Reason for the Market Decline

The market downturn occurred after Donald Trump announced Kevin Warsh as a candidate for the Federal Reserve chairmanship. This development led to a substantial rise in the U.S. Dollar, causing significant declines in both the cryptocurrency and precious metals markets.