Crypto Market Takes a $58B Hit: Bitcoin and Ethereum See Significant Dip

Cryptocurrencies appear to be shedding their recent gains, with Bitcoin and Ethereum each posting sizable losses on the week.

Bitcoin (BTC) and Ethereum (ETH) suffered heavy losses this past week as the rest of the market followed suit. Over the last seven days, BTC has depreciated by 6% and is currently trading at $23,136, while ETH has fallen by 7% to $1,604. This downward trend was seen across the board, with no coin escaping the bearish pressure.

Polygon (MATIC) posted one of the biggest dips this week, shedding 16.7% to trade at $1.27 at the time of writing. MATIC’s downward slide began on Tuesday when news broke that Polygon Labs was laying off 100 employees (20% of its workforce) after restructuring.

The following day, Polygon users fell prey to false rumors that the blockchain had been down for two hours.

Polygon later revealed that a few nodes on the network temporarily went out of sync, causing the outage of an independent chain explorer called Polygonscan. Since Polygonscan hadn’t updated with new Polygon blocks or transactions for a couple of hours, people mistakenly thought Polygon itself had stopped. Litecoin (LTC), Polkadot (DOT), and Cardano (ADA) also posted significant losses on the week, ranging from 8% to 9%.

Solana (SOL) had spent most of last November and all of December in freefall, but it managed to rebound last week with a 9% increase.

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• “Crypto Hedge Fund Galois Capital Shuts Down — ‘We Lost Almost Half Our Assets to FTX Disaster”
• “Emerging Market Crypto Investors Suffer as FTX and Terra Collapse: BIS Report”