McDonald’s beats Ethereum amid Binance vs. FTX fight as ETH price drops below $1,500

  • McDonald’s overtakes Ethereum in market cap as ETH price slumps.
  • The trending joke is an announcement for an open job position at McDonald’s for top crypto influencers.

In recent market capitalization rankings, the popular American fast-food company Mcdonald’s has outshined Ethereum. A few days ago, Binance announced its plan to sell FTT token, which belongs to another leading cryptocurrency, FTX. The announcement caused many crypto investors to panic, resulting in an outflow of approximately $500 million from FTX. Ever since, the majority of cryptocurrency assets have plunged, including Ethereum. The price of ETH fell below $1500, drowning the market cap below McDonald’s. 

A user posted a tweet showing McDonald’s surpassing Ethereum on the market cap list. According to the image posted, McDonald’s was 48th by market cap, followed by Ethereum. Binance CEO, Changpeng “CZ” Zhao quoted the tweet saying: “Doubts creep in once in a while, stay strong, stay SAFU.” The SAFU acronym stands for Secure Asset Fund for Users, which is Binance’s emergency insurance fund that protects users’ funds. 

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McDonald’s is well-known for its part in cryptocurrency trading and investment. In the past few months, the cryptocurrency market has been dreadfully bearish. Subsequently, a joke sprouted out advising many crypto investors and trades to fill up roles at McDonald’s. It originated from a recent discovery that the requirements needed to join the fast-food outlet are easily achievable. Interested job seekers can easily get a job at the company with no hassle. Interestingly, McDonald’s joined the trending joke by offering job opportunities to prominent crypto influencers. 

The multinational fast food chain has a market capitalization of over $200B, while Ethereum has $181.52B after its recent plunge. Currently, McDonald’s ranks 47th by market cap, and Ethereum ranks 59th. However, Ethereum can spike in its price soon, thereby increasing its market capitalization. Due to the low volatility in the stock market, McDonald’s capitalization might not significantly increase.  

Can Ethereum reclaim its rankings ahead of McDonald’s?

The decline in market capitalization has little or no effect on the world’s second-largest cryptocurrency. Situations surrounding FTX must have affected the current price of Ethereum following the exit of numerous investors. Like FTT token performance, ETH lost more than 3.5 percent of its value. Considering Ethereum’s performance in the past month, ETH is faring well, gaining over 16 percent of its value.  

There are speculations that the United States monetary policy is the major reason behind the crypto dump. The policy has refrained many investors from investing in digital assets like cryptocurrencies. Last year, the United State Department of Justice seized 50,676 BTC from James Zhong during a search of his house in Georgia. The seizure ranks second to Bitfinex’s allegedly stolen crypto seizure in 2016. During the Bitfinex hack, about 120000 BTC were stolen. The U.S. authorities announced that they recovered over 94000 BTC from the perpetrators.