The global crypto market capitalization dipped 6% since last Friday to $871 billion. At one point, the total was as low as $854 billion, but it has since recovered slightly.
According to Bloomberg, the total cryptocurrency market is down more than 40% since January. The latest dip comes on the heels of the wave of liquidations, over-leveraging, and bankruptcies of various crypto projects and companies.
The price of Bitcoin has also fallen more than 70% from its record highs.
Bank of America told Yahoo Finance that concerns of a so-called “crypto winter” have not frozen investor interest in the area.
The bank said it has seen an increase in the number of customers seeking to convert their cryptocurrencies into dollars. In addition, some investors have been taking advantage of bitcoin’s price volatility by buying and selling at different times.
Bitcoin hit its lowest level in two years this week as the market struggled to recover from a recent plunge.
According to CoinDesk’s Crypto Work Survey, the downturn has not chilled optimism about the jobs market in the crypto industry. The survey found that there were more than 2 million people working full-time in blockchain or cryptocurrency roles, with 85% of respondents saying they expect to see their company grow in the next 12 months.
MicroStrategy revealed this week that it bought 480 bitcoins for $10M during the period May 3-Jun 28.
The company said it will be using the coins to pay employees, contractors, and partners. This is a big move for MicroStrategy, which has been working on blockchain since 2016 and is now making good on its promise to implement the technology into its business model.
By using bitcoin instead of fiat currency, MicroStrategy will be able to save money on transaction fees, which could amount to millions of dollars over time. The company also plans to use cryptocurrency as part of its operations in other countries where there are volatile currencies or unstable banking systems.
Image: Bitcoin Vectors by Vecteezy