Crypto market cap has plunged 28% over the last week to $1.2 trillion, the lowest since July, amid broad meltdown
- Cryptocurrencies slumped further Thursday and have lost more than $500 billion in market capitalization since last week.
- The total
cryptomarket cap is down 28% from a week ago at $1.2 trillion amid a broader meltdown.
Cryptocurrencies continued to drop Thursday, extending a meltdown that has seen the total market capitalization for tokens falling 28% over the last week to $1.2 trillion, the lowest since July.
That means more than $500 billion in market value has vanished in the past week, with the last 24 hours alone seeing a $200 billion loss.
"It has been a rough period for crypto given the lost confidence with stablecoins and expectation for a much harsher regulatory environment," said Edward Moya, senior market analyst at OANDA.
Bitcoin, the largest
Turmoil in stablecoins, some of which are backed by liquid cash while others are algorithmic, added to the crypto crash after Terra lost its dollar peg.
"Full capitulation of the selloff for risky assets is entering its last stage, so that should suggest that Bitcoin might be subject to one last major plunge before big money decides to buy the dip," Moya said.
Other analysts also said the latest crypto slide is another opportunity for "big money" to come back to risk assets to buy the dip.
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