What Does Value Even Mean Anymore: Cryptocurrencies lost $205 Billion On Friday

It was not a great week for traditional stock markets either, but crypto's volatility on top of China and Russia ending crypto mining or even outlawing its use in order to protect their own control of currency, financial markets and rule of law suggest that crypto's wild cowboy days may be drawing to a close. JL 

Chris Morris reports in Fortune:

Bitcoin, Ethereum, and all major cryptocurrencies tanked Friday morning, with drops of 10% or more. The plunge resulted in an overall market capitalization loss of more than $205 billion for the total cryptocurrency market in just 24 hours. Year to date, Bitcoin, the leading digital currency is down 16.6%—erasing more than 75% of 2021 gains. The drop in crypto prices follows a rough week on Wall Street. The Nasdaq index is down almost 5% since Tuesday and officially entered correction territory Thursday.

Bitcoin, Ethereum, and all major cryptocurrencies tanked Friday morning, with drops of 10% or more.

 

The plunge resulted in an overall market capitalization loss of more than $205 billion for the total cryptocurrency market in just 24 hours, according to CoinMarketCap.

As of just before 10:00 a.m. ET, Bitcoin was down more than 10%, falling to $38,440. Year to date, the leading digital currency is down 16.6%—erasing more than 75% of Bitcoin’s 2021 gains.

Other cryptos suffering major setbacks included Ethereum, which fell 13.5% (and is down nearly 24% year to date), Solana (down more than 16% today and 30% year to date) and Cardano (which has slipped 15% in early trading and has lost 8.5% of its value in 2022).

Meme coins aren’t being spared from the carnage, either. Dogecoin was down over 10%, and Shiba Inu fell more than 13%.

 

The drop in crypto prices follows a rough week on Wall Street. The Nasdaq index is down almost 5% since Tuesday morning and officially entered correction territory at the close of trading Thursday. All major indexes were also lower Friday morning.

Bitcoin has suffered a significant fall from its all-time high set in November, losing more than $30,000. A $1,000 investment made at the peak would be worth just $556 today. It’s experiencing additional pressure Friday after Russia’s central bank proposed banning both the use and mining of cryptocurrencies on Russian territory.

Russia is one of the top three Bitcoin mining countries on earth.

Some analysts are still bullish, though, with predictions earlier this month of the crypto hitting $100,000 by May.