This week in coins
This week in coins. Illustration by Mitchell Preffer for Decrypt.

Global crypto markets fell 8.5% overnight. That’s right: in 24 hours, the total market capitalization of cryptocurrencies across the globe plunged down to $1.63 trillion. 

To put that into perspective: At this time yesterday morning, the total market cap of crypto was still above $2 trillion. 

Today’s wipeout is indicative of a general trend this week. Almost all of the top cryptocurrencies have been freefalling over the last seven days. The entire crypto market has had a terrible start to the new year, but things got dramatically worse in the past week.

Market leader Bitcoin dropped 16.5% over the last week to hit a low of $34,420 on CoinMarketCap. Only yesterday, it was riding a thousand dollars above the $40k threshold. The last time Bitcoin hit $35k was on July 25, 2021. 

Ethereum posted a seven-day loss of 25%. It currently trades for $2,490. The last time Ethereum’s price was this low was in early August last year. 

And how did altcoins fare? 

Terribly. Top cryptocurrencies that sank 30% or more in the last seven days include: Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Avalanche (AVAX), Polygon (MATIC), Shiba Inu (SHIB), and Chainlink (LINK). Virtually every cryptocurrency in the top 35 by market cap is down by double digits this week. Layer 1 chains like Oasis (ROSE) and Fantom (FTM) are among the very few that have bucked the bloodbath.

So there have been staggering losses, but so far, very little by way of obvious explanation. Pick your factor: Is it the Fed announcing aggressive…

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