All major cryptos Bitcoin, Etherum and more dropped more then 10% on Friday effectively losing over $205 Billion in market capitalization.
The dip resulted in a market capitalization loss of more than $205 billion for the total cryptocurrency market in just 24 hours. Like many crypto investors, there was a shock when they checked their portfolios because at 10:00 a.m. ET, Bitcoin and other major cryptos were down more than 10%, falling to $38,440. As of right now this Year to date, the leading digital currency is down 16.6%—erasing more than 75% of Bitcoin’s 2021 major gains.
But don’t worry its not just Bitcoin and Etherum getting ass whooped as other cryptos suffer major setbacks including Solana which is down more than 16% today and 30% year to date, Along with Cardano (which has slipped 15% in early trading and has lost 8.5% of its value in 2022).
Along with the NASDAQ in free fall for a correction period, Bitcoin is suffering thanks to Russia’s central banking system proposing that they ban using crypto and mining systems on Russian territory. Being that Russia is the 3rd largest crypto miner in the world if Russia was to ban crypto and crypto mining outright there’s a good cause for concern that it could set back Bitcoin,Etherum and all other cryptos from making a quick comeback in 2022.