The cryptocurrency market capitalization had been hovering relatively steady around 2.6 trillion US$ for several days, however, last night (12/03/2021) around 21:00 EST it started to decrease. Suddenly, around midnight it collapsed to reach its lowest at 00:30 of 2 trillion US$. Since thenl it has recovered partially and at the time of this article (20:50 EST) its value is at 2.4 trillion US$.

The drop in market valuation could be related to the fact that executives from eight major cryptocurrency firms will testify before the US House Financial Services Committee next week, in a sign that lawmakers are looking into ways of regulating the industry. In addition, the news about, jobs and inflation have not been good.

Regardless, the cryptocurrency market is volatile and this swings are not unusual for it.

This post is intended to only raise awareness. In order to make actual financial decisions please contact your financial advisor and/or tax advisor prior to making the decision.