The price of Bitcoin dropped below $41,000 for the first time in three weeks amid crypto carnage in the last 24 hours.
It seems a matter of time before it dips below $40k after Bitcoin 2022 passed by without any major announcements.
The four-day conference in Miami last week was expected to give cryptocurrencies a bounce in price but they more or less held their value – and now the slide seems to have begun.
The dips in price are in step with stock markets, which are falling amid new China lockdowns, Russia’s ongoing invasion of Ukraine and the US Federal Reserve tightening its monetary policy.
In other news, Coinbase has been crowned as the lowest-risk crypto exchange by research firm CryptoCompare. It secured a premium AA rating alongside Gemini, Bitstamp and Binance for anti-money laundering and customer identification checks.
FTX and Kraken secured an A rating but 35% of the 150 surveyed were identified as having poor or inadequate ‘Know Your Client’ (KYC) checks for new customers.
The overall market cap of the more than 18,800 coins is at $1.85 trillion following a 5% drop in the last 24 hours.
Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – is at $40,125 at the time of writing (7am UK) following a 5% fall. BTC is 14% down in a week.
Ethereum, the second most valuable crypto coin – created as a decentralised network for smart contracts on the blockchain – also dropped 5% to just above $3,000. ETH, set for a huge upgrade soon, is also 14% down over the course of a week.
Binance Coin is a cryptocurrency created by popular crypto exchange Binance to assist its aim in becoming the infrastructure services provider for the entire blockchain ecosystem. Its BNB token dropped 2% to $407, leaving it 10% down over seven days.
The XRP token of Ripple, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP climbed above Solana in the valuation league table despite shedding 5% to below 71 cents, which leaves it 14% down over seven days.
Solana is a blockchain built to make decentralised finance accessible on a larger scale – and capable of processing 50,000 transactions per second. Its SOL token lost 7% to $103 and is 23% down on its price last Tuesday morning.
Cardano is an open source network facilitating dApps which considers itself to be an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, plummeted 7% to 95c. It is 21% down over the course of a week.
Terra, described as a programmable money for the internet, tanked 4% to below $85. Its payment token LUNA is 27% lower than its price a week ago.
Avalanche, a lightning-quick verifiable platform for institutions, enterprises and governments, came out of nowhere months ago to break into the top 10 currencies. Its AVAX token fell 3% to $77.39 and is 20% down in a week.
Meme coin Dogecoin was created as a satire on the hype surrounding cryptocurrencies but is now a major player in the space. DOGE dropped 6% to below 14c and is 10% down over seven days.
Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralised web. Its DOT token, which aims to securely connect blockchains, shed 6% to $17.76 and is 22% lower than its price a week ago.
To see how the valuations of the main coins have changed in the last few days, click here.
For valuations of the top 250 coins by market cap plus 24-hour price change and volume traded, see below.