Crypto markets shed billions — analyst says ‘drawdown normal’

Crypto markets shed billions — analyst says 'drawdown normal'

Cryptocurrency markets dropped significantly in value this week as the entire market capitalization of all 10,000 crypto assets in existence plunged below the $3 trillion mark to $2.77 trillion on Tuesday morning (EST). After tapping $66K on Monday, bitcoin's price slid below the $60K handle to a low of $58,563 per unit.

Still, some analysts say a drawdown is to be expected, and that the bull market structure remains intact.

Price Update

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In the news

Staples Center gets a new, crypto-themed name

Staples Center, one of the most iconic and globally recognized sports and entertainment arenas in the world, is changing its name to Crypto.com Arena.

The company has also become an official cryptocurrency platform partner of the Los Angeles Lakers and the LA Kings.

Houston Rockets partner with Bitcoin company NYDIG

NBA basketball team the Houston Rockets has partnered with NYDIG, a leading bitcoin solutions provider, to be the team's official bitcoin services partner.

The deal will provide the team with cryptocurrency-related opportunities and give NYDIG exclusive exposure in the team's social, digital, and arena platforms.

AMC Entertainment set to accept SHIB next quarter

The CEO of the world's largest movie exhibition company, AMC Entertainment, says that payment service provider Bitpay has agreed to support the meme cryptocurrency shiba inu (SHIB) at his request.

AMC will be able to accept shiba inu crypto for payments within the next few months.

Be sure to check out the Bitcoin.com monthly recap!

Bitcoin.com Monthly Recap blog wallet update

Stay informed about feature upgrades, important announcements, and the news that matters with the Bitcoin.com monthly recap. Find all the info you need on the Bitcoin.com Wallet's ERC-20 support, connecting to Ethereum DApps via WalletConnect, and expanded P2P trading. Also, discover how Bitcoin.com is doubling down on the non-custodial model to support economic freedom.