The cryptocurrency market has been in freefall in recent weeks. Per CoinGecko, Bitcoin and Ethereum are down 9.6% and 14.2% in the last seven days. 

Other prominent cryptocurrencies—like Solana and Dogecoin—are also firmly in the red, plunging 19.7% and 12.3% during the last week, respectively. 

Alongside leading cryptocurrencies, companies that have made big bets on crypto are also struggling. 

Microstrategy—which has over $5 billion in Bitcoin—and is led by Bitcoin bull Michael Saylor—fell by nearly 3% by closing price yesterday. 

Similarly, payments firm Block—led by Jack Dorsey and formerly named Square—was down by 0.44% by closing time yesterday. The company has recently announced its intention to enter the Bitcoin mining fray. 

PayPal, which made headlines in November 2020 when it announced all U.S. account holders could buy and sell cryptocurrencies through its platform, is also in the red, albeit by 0.16% by market close yesterday. 

Crypto exchange Coinbase is, however, bucking this trend, after closing trading yesterday up almost 1%. 

Tesla, the electric vehicle manufacturer that holds Bitcoin on its balance sheet, is also up 0.62% today. The company also recently began accepting Dogecoin payments for merchandise like Tesla-branded apparel.  

Traditional markets take a dive

A similar bearish trend exists in the world’s traditional markets. 

The Nasdaq 100—a stock market index made up of the largest non-financial companies listed on the Nasdaq—was down by 1.3% at yesterday’s close. 

Two months ago, the Nasdaq 100 hit an all-time…

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