Last Updated on: 24th April 2021, 02:24 am
Cryptocurrency prices continued to fall on Friday, with Bitcoin leading the way, and internet currency prices fell below $50,000 for the first time since early March.
Bitcoin is down around 20% from the previous week, down around 30% from the all-time high of nearly $ 65,000 early last week.
The coin’s market cap has fallen below $1 trillion. The decline was less severe for Ethereum, which hit an all-time high yesterday, but has since declined 13% as the broader market pulled back.
Many altcoins have also received a beating. Dogecoin erased soaring profits for the week and more, nearly halving its price after a meteoric surge last weekend.
XRP is down 35% from the previous week, Stellar is down 30% and Polkadot is down 25% from last week.
Overall, Coinmarketcap estimates that the global crypto market has shrunk by around 10% in the past 24 hours.
Cryptocurrency prices have skyrocketed in the past few months, but the past week was the clearest sign of a correction in price escalation, though many see news of President Biden’s adjustment to increase income tax and capital gains as the most obvious reason. For the market crash when investors make money in the hope that their profits will not be achieved by applying the rules retrospectively.
Coinbase, which went public last week via direct listing, cut its share price by about 10% this week but was largely unaffected in intraday trading on Friday.
