Crypto Market Tanks 14% to 3-Month Low Under $1.35 Trillion, Ethereum (ETH) Under $2000

By Bhushan Akolkar
Published May 23, 2021 Updated May 23, 2021
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Crypto Market Tanks 14% to 3-Month Low Under $1.35 Trillion, Ethereum (ETH) Under $2000

By Bhushan Akolkar
Published May 23, 2021 Updated May 23, 2021

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.

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.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
824 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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