On Sunday, May 23, the cryptocurrency market has extended its weekly losses further tanking another 14% and moving to a 3-month low of under $1.35 trillion. Over the last week, the crypto market has almost eroded nearly $900 billion following a major crackdown from China.
China’s decision to ban crypto miners and traders has put severe pressure on Bitcoin (BTC) and other altcoins. At press time, Bitcoin (BTC) is trading 13.63% down trading at $33,136 with a market cap of $620 billion.
The BTC price has corrected nearly 50% from its all-time high above $64,000 last month in April 2021. Over the last week, bitcoin has lost over $250 billion from its valuations. With the recent crash, BTC’s year-to-date gains have now dropped to just around 10%. Over the last week, Bitcoin (BTC) registered the largest ever spike in its 12-year history in its trading volumes and social volumes.
🤯 In #Bitcoin's 12+ year history, there has never been a larger spike in both raw trading volume ($126.4b) and social volume (204.6k tracked mentions) in a single week, according to @santimentfeed data. As prices polarize, keep an eye on hype dying down. https://t.co/kGqZj3LalL pic.twitter.com/pCe64Mb3p1
— Santiment (@santimentfeed) May 22, 2021
Ethereum (ETH) Dips Under $2000, Altcoin Market Crashes
Ethereum (ETH), the world’s second-largest cryptocurrency has also tanked nearly 60% over the last week. From an all-time high above $4400, the ETH price has tanked 19% today slipping under $2000 with its market cap no at $224 billion.
Over $170 billion have been eroded from the altcoin market in the last 24 hours. Binance Coin (BNB) has slipped 3 ranks down to the number 5 spot dropping 26% today. The BNB price has tanked nearly 60% over the last week.
Cardano’s ADA is also down 24% with its weekly losses extending to 50%. The ADA price has tanked all the way from $2.30 to now just at $1.17 and its market cap now at $37 billion.
There’s a major bloodbath in the altcoin space with almost all of the top ten cryptocurrencies losing between 25-30% and extending their weekly losses in the range of 50-60%. China’s crackdown has played a major impact on the crypto market turning the market momentum topsy-turvy. A majority of the big exchanges from China have started suspending crypto trading services for Chinese citizens.