As the majority of assets in the cryptocurrency sector nears the end of another week in the red, the market’s total capitalization has declined over $400 billion in just seven days, led by the industry’s representative, Bitcoin (BTC), which is trading in the $61,000 area.
Specifically, the crypto market has dropped from $2.65 trillion on April 11 to the current $2.24 trillion, which equals a loss of a whopping $410 billion or 15.47% in a single week, according to the most recent chart data retrieved by Finbold from the crypto analytics platform CoinMarketCap on April 18.
Total crypto market cap 7-day chart. Source: CoinMarketCap
Why is crypto market down?
So, why is the crypto market down? Notably, one of the reasons could be the escalating geopolitical tensions around the world, particularly in the Middle East – between Israel and Iran – which have sent fears across the globe and the markets tumbling amid investor panic and sell-offs.
At the same time, the United
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