Major Crypto Coins faced losses last Friday after slumping to their lowest levels of the year. The market cap of the 100 largest crypto tokens declined by 50%.
Bitcoin has done the most harm to the market. The parent crypto went below $19K. At the same time, Ether plunged to $1,000. Other major crypto coins have also lost 70% to 80% of their value. Many crypto analysts are calling it a crypto winter.
Solana, Cardano, DOT, and other top coins on the coin market cap have lost more than 50 and at times 100% of their value.
Earlier this year, the blood bath in the crypto market started with the BTC following a downward spiral. The global recession and high inflation rates took their toll on the crypto market. Despite the institutional investment and support, the BTC price continued to slump. Almost 1 trillion dollars have been wiped out of the crypto market.
Crypto billionaires didn’t shy away from sharing their losses along with the commoners. Crypto exchanges such as Coinbase saw their revenues tank. Coinbase Global Inc. is one of the biggest cryptocurrency exchanges in the U.S. Nevertheless, the name and reputation couldn’t cover for losses and the company was forced to freeze hiring and lay off some workforce.
Also Read: How to Deal With Crypto Bear Market
The market has been jolting since the start of the year. However, the unprecedented collapse of the Luna ecosystem gave another spin to things. Bitcoin and other crypto coins slumped at an accelerated pace after Luna literally went to zero within days.
Moreover, the crypto market took a hit from inflation and the traditional stock market downfall. Crypto followed the lead of the stock market in the current crash. Hence, the losses quadrupled in s a short span.
The current pattern of the market shows another red week for Bitcoin as the crypto traders wait for any good news.