As things stand, it looks like crypto fans would have to keep waiting for a Bitcoin bull run. Most of the top ten tokens have recorded massive losses in the past seven days, ending the impressive rally that began at the start of the year.
BTC posted its biggest loss of the year this week. The market cap of the most popular crypto plummeted by 7.8%, and as of Sunday noon, BTC was priced at $21,809, according to data from CoinGecko.
Meanwhile, Ethereum’s market cap also saw a 6.8% drop. Further, the second-biggest coin by market capitalization posted 7-day losses of about 7.2% and is changing hands for $1,556 as of this writing.
Other Coins That Recorded Losses This Week
Another massive price decline came from a token that facilitates private transactions called Monero (XMR). The token lost about 14.2% of its value in the past seven days and is currently trading at $154.
Moreover, Avalanche (AVAX) almost posted a similar drop. The coin recorded 7-day losses of nearly 13.9%, and as of this writing, it is trading at $18.13. Elon Musk’s favorite crypto Dogecoin (DOGE), declined by 13.4% and is now priced at $0.082032.
Solana was the biggest loser among the top 20 coins. The token declined by 17.1% in the past seven days and is changing hands for $20.88. Litecoin and Cardano’s holders also saw their holdings drop by 9%.
The major cause of these price drops stems from the United States regulators. Coinbase boss Brian Armstrong tweeted midweek, claiming that the Securities and Exchanges Commission could soon target crypto staking services.
On Thursday, the Commission confirmed the claims when it announced that it had levied a $30 million fine against the crypto exchange, Kraken. The regulator also ordered the exchange to halt its staking service until it complies with the law.
Top Tokens That Posted Gains This Week
Lido Finance’s token, LDO, was the only top token that recorded massive gains this week. The token surged by 12%. The price increase comes following Lido’s announcement about an upcoming upgrade that would see stakers withdraw their funds on Ethereum.
