Over the weekend, Bitcoin, Ethereum, and the other major cryptocurrencies all fell further, erasing some of the week’s gains.
According to CoinMarketCap, the worldwide crypto market cap has dropped to $1.03 trillion, a 7.5 percent loss in just 24 hours.
Bitcoin is down by more than 18% in the past seven days and has fallen below $25,000, its lowest point since December is 2020.
In Another news, $200M Bitcoin shorts have been liquidated in the past 24 hours.
On the other hand, Ether, the second largest cryptocurrency and the token linked to the Ethereum network, plummeted over 8% to $1,340, a 15-month low.
Meanwhile, the price of dogecoin was practically unchanged at $0.07 today, while Shiba Inu went up 0.2 percent to $0.000011.
The market capitalization of all cryptocurrencies is at $1.08 trillion, down more than 8% in the last 24 hours.
Other crypto prices’ today performance also tumbled as Stellar, Uniswap, XRP, Tron, Tether, Solana, Polkadot, Avalanche, Polygon, Chainlink, Terra Luna Classic, Cardano, Litecoin prices were trading with cuts of as much as 15% over the last 24 hours.
The Fall of The Crypto World
After a massive bull run in 2020 and 2021, the crypto market has been volatile all year, but the current Crypto Winter began in earnest in the first week of May, when major currencies plummeted alongside the stock market.
The Terra ecosystem (UST and LUNA) then imploded (albeit a Chainalysis research released this week connected Bitcoin’s loss to the broader tech stock selloff, not Terra).
Since then, tech stocks have continued to plummet, and cryptocurrency has plummeted even worse.
The downward trend has accelerated this week, as evidenced by the CPI measurement for May, which showed consumer goods prices climbing 8.6% from May 2021, the highest year-over-year inflation rate since 1981.