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Bitcoin, Ethereum, and the other leading cryptocurrencies dropped hard over the weekend, wiping out mild gains made in the previous week. The global crypto market cap is down to $1.03 trillion, losing 7.5% in value within 24 hours, according to CoinMarketCap.
Bitcoin has lost 18% in the past seven days and has fallen below $26,000 to $25,513, new 12-month low. Ethereum could not escape a worse fate, down 28% in a week,
Other cryptocurrencies tanked along as each of the top 20 coins by market cap lost big time.
BNB took a 22% hit in the past week, Cardano (ADA) 24% while XRP and Solana (SOL) lost 18% and 31% respectively.
After a huge bull run in 2020 and 2021, a crypto winter seems to have surely begun.
Investors are making it very clear since May that we are in a risk-off environment, while rising inflation, falling tech stocks, ongoing Covid-19 fears, geopolitical unrest and regulatory uncertainty are all playing a role.
Last month the Terra ecosystem (UST and LUNA) burned down, while earlier on Monday lending services Celsius stopped all withdrawals and seems to be moving to an unexpected exit from the crypto space.