Crypto-currency market capitalization has fallen below the $1 trillion mark

Shares of Coinbase and MicroStrategy also took a hit today as crypto and global financial markets await the upcoming Fed meeting.

The crypto-currency market loses $1T.

Bitcoin, Ethereum and other major assets tumbled on Tuesday in what is expected to be a volatile week for the global crypto and financial markets. According to data from CoinGecko, Bitcoin is trading around $21,000 after suffering a 4.9 percent drop while Ethereum fell to $1,390 after suffering a 9.1 percent drop.

Many other Ethereum-related assets, including Lido’s LDO token, Convex Finance’s CVX, Uniswap’s UNI and Polygon’s MATIC, have seen double-digit losses in the past 24 hours, casting doubt on the strength of the so-called “Merge trade” as the long-awaited Ethereum Proof-of-Stake upgrade approaches.

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Markets prepare for volatility

The pullback comes ahead of a busy few days for financial markets. Alphabet and Microsoft are due to report their second-quarter results, while Meta will unveil its earnings for the same period tomorrow. On Thursday, Amazon and Apple will both report results. Traders will be closely watching the results of major technology companies over the next few days, as they could help give an indication of the state of the economy. Tesla revealed last week that it reduced its bitcoin position by 75% in the second quarter, most likely selling its holdings at a loss.

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Markets are gearing up for the Federal Open Market Committee meeting today. Fed Chairman Jerome Powell is expected to announce a 75 basis point interest rate hike as the central bank seeks to curb skyrocketing inflation rates in the U.S.; recent Fed rate hikes have led to market meltdowns as investors seek to remove risk. U.S. GDP figures from the Bureau of Economic Analysis for the second quarter of the year are also due out this Thursday, potentially reinforcing signs of an impending recession if the U.S. economy shows further retraction.

After yesterday’s drop, the total value of the crypto-currency market has slipped below $1 trillion again. The global crypto-currency market capitalization is about $996 billion, down nearly 70% from its peak in November 2021.

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