McDonald's Is Now Worth More Than Ethereum, Panicking Crypto Community

Trending online today, word that McDonald's has overtaken Ethereum in terms of total market cap and value has led many cryptocurrency enthusiasts to worry, as a burger chain is now seemingly doing better than the blockchain.

State of the market:

McDonalds has flipped Ethereum in MC pic.twitter.com/JuTl2kuqbn

— Coffee On The Blockchain (@TheCoffeeBlock) November 8, 2022

This is only the latest dip in the value of cryptocurrencies following a tumultuous summer and spring crash.

Some suspect that monetary policy by the U.S. government and the coming recession may be to blame for Ethereum and crypto's slump overall. When it gets harder to borrow money because of Federal Reserve rate hikes, banks and individuals make fewer risky investments.

In the eyes of many, cryptocurrency is the definition of a risky investment. So, when the money printer stops going brr, cryptocurrency market caps go down.

It is what it is! 😬😅#Bitcoin #McDonalds #CryptoNews #Cryptocom #NFT #NFTCommunity #cryptobros #trading #Ethereum #Cryptocrash #crash #bitcoins #CryptocurrencyNews pic.twitter.com/jNDbAaQC8S

— Genesis Plots (REIT) (@GenesisPlots) June 15, 2022

Many in the meme-heavy crypto space are joking about possible job openings at McDonald’s amid the news, seeing a grim future ahead for the experimental asset.

McDonalds overtook Ethereum in the past month. Guess we all have to go work for the winner now 🍟 pic.twitter.com/QVUXdlssYc

— OKHotshot (@NFTherder) July 10, 2022

Despite the dire development, others defended Ethereum, saying it is superior to McDonald’s.

ETH is good for your health unlike mcd

— Gen Xer #BTC 🇺🇦🇪🇺 (@CManny72_) November 8, 2022

So, what caused this recent dip? At the moment, FTX (a crypto exchange) is facing liquidity problems that were bringing the whole Ethereum space down.

Binance has since stepped in to stabilize FTX and the markets, but people invested with FTX were trying to withdraw their money and finding that there wasn’t any around — that it was overextended, invested elsewhere or lost.

Now, many are hoping Binance’s purchase of FTX will stabilize the whole market that's gone through quite a strenuous year.

This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.

— CZ 🔶 Binance (@cz_binance) November 8, 2022

But, as always with crypto, the situation remains both immensely complicated and rather volatile.