Cryptocurrencies have been on a tear in 2019, with the total market capitalization of all digital assets reaching a new all-time high of $835 billion on Jan. 7. However, the market has seen a pronounced pullback in recent days, with the total market cap dropping to $609 billion as of Jan. 12, according to CoinMarketCap.
Those hoping for a 2023 Bitcoin bull run will have to keep waiting. Most of the leading cryptocurrencies posted pronounced losses in value over the past week, putting a damper on the near-continuous market gains seen since the start of the new year.
Bitcoin (BTC) took its biggest intraweek loss of the year so far. The world’s top cryptocurrency by market cap sank more than 7% over the last seven days to $21,760 at the start of the weekend.
Ethereum, the No. 2 cryptocurrency by market cap, sank to a new yearly low this week as regulatory scrutiny in the United States intensified.
U.S. regulators have kept hawkish eyes on crypto in the wake of several high-profile bankruptcies last year from firms like Celsius, Three Arrows Capital, and FTX. This week, the bearish sentiment stemmed from regulators’ concerns about the safety of investors in the crypto space.
Ethereum, the No. 2 cryptocurrency by market cap, sank this week as regulatory scrutiny in the United States intensified. The bearish sentiment this week stemmed from regulators’ concerns about the safety of investors in the crypto space, with several high-profile bankruptcies last year from firms like Celsius, Three Arrows Capital, and FTX.