The crypto market crash last month left its mark on the world, and it is still being felt today as some coins continue their downward trajectory. Bitcoin has been hit especially hard, losing more value than ever before in recent weeks.
Bitcoin is currently valued at $24,677.65 as of this writing. It has been down 21.33% in the last seven days, sitting at a market cap of $472.55 billion.
The entire crypto market is reeling in fear as Bitcoin refuses to stabilize, with many investors worried it will lead them away from putting any money into more investments.
The recent crash of Bitcoin has been felt by many other cryptocurrencies as well.
Ethereum has seen another setback following its record-setting fall last year. The coin is currently trading at $1,269, crashing down 33% in the past seven days. Other coins like Dogecoin or Cardano have also lost double digit amounts in just seven days.
The crypto market lost more than $100 billion in a single day this past weekend, following United States Treasury Secretary Janet Yellen’s dim outlook for cryptocurrencies.
The Bitcoin market cap is currently sitting at $472 billion, giving bulls a silver lining and a chance to increase their control over alternative cryptocurrencies.
Bitcoin has seen its value steadily decline for the past seven days, dropping from around $32,000.
“Crypto appears to be losing the ideal opportunity to illustrate its forgotten function as a hedge against inflation,” said Rich Blake of cryptocurrency startup Uphold.
The rise in inflation rates led to an increase of Bitcoin’s volatility and played a role with the coin plunge.
The crypto market has also fallen victim to the volatility of traditional markets in recent months. For example, when the S&P 500 and Dow Jones Industrial Average dropped more than 2.5% last week while Nasdaq went down by 3.5%.
The Federal Reserve is expected to raise interest rates next week. Janet Yellen has warned against placing cryptocurrency in 401k plans, saying it’s not clear how regular investors would be compensated for their risks if they invest into these digital coins or tokens.