- The market capitalization of global cryptocurrencies has dropped by 47% in just the last seven days, according to data on CoinMarketCap.
- Bitcoin has fallen roughly 40% since hitting all-time high in mid-April.
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The cryptocurrency market suffered a sharp sell-off on Wednesday. Its value has now tumbled by 47% in just the last seven days.
The market cap for global digital currencies came in at $1.35 trillion on Wednesday, down from a recent peak of $2.56 trillion on May 12, according to data from CoinMarketCap.com.
“The cryptocurrency market is under relentless selling pressure at the moment,” Nicholas Cawley, an analyst at DailyFX, told Insider. “The speed of the sell-off suggests that leveraged accounts are being hit badly and the indiscriminate slump across the space also points to a lack of buying intent.”
Bitcoin at one point fell as much as 31%, to $30,016.83, while ether slipped by 44% to $1,918.77 at intraday lows.
Bitcoin still hasn’t recovered from Elon Musk’s climate-related concerns over its mining process, which sent shockwaves across the digital asset