$400 billion wiped out from the crypto market during the past seven days, according to CoinGecko. It marks “the largest wealth destruction event in the short history of the crypto markets,” crypto trading firm QCP Capital wrote in a Friday note. Meanwhile, bitcoin remained above $20,000.

has been wiped out from the crypto market during the past seven days. All sectors within the crypto space have seen double-digit losses. Cryptos related to Web 3, the so-called next generation of the internet, posted the biggest loss of 41% on average.

At a Thursday low of $25,402, bitcoin was down 63% from its all-time high of $68,990 in November. “People say, oh, crypto is dead. It’s not coming back. But of course, it has come back,” Mike Belshe, founder and chief executive at crypto infrastructure provider BitGo, said.

The percentage of decline is larger than the 54% fall from the cycle high in July 2021, but smaller than that in other bear markets. Some said bitcoin is nearing a “generational cyclical bottom.”Bitcoin’s low on Thursday is close to its realized price, the aggregated cost basis of investors on-chain, which currently stands at $24,000.
Posted by
Tap to copy the Short Url to this post: 
All Business News on a Single Page. Join for Free →