Cryptocurrency markets are seeing red in a big way as the ongoing rout has wiped away billions of dollars in value.
As CoinDesk reported earlier Wednesday, the collective market capitalization for all cryptocurrencies hit a new low for the year – as it stands, the overall market cap is roughly $225 billion, representing a significant decline from the more than $800 billion witnessed in early January of this year.
Among the developments driving the market turmoil: the fact that the U.S. Securities and Exchange Commission (SEC) decided to punt a decision on a proposed bitcoin exchange-traded fund.
According to figures compiled by CoinDesk, as much as $51 billion in market cap was lost during the past seven days. CoinMarketCap figures indicate that as much as $30 billion or more in value was shed amid the day’s market action.
This amount indicates a more than 18 percent decline within that time frame.
But the market capitalization data only tell part of the story.
Perhaps most tellingly, all of the top twenty cryptocurrencies (indicated on sites like CoinMarketCap as well as OnChainFX), showed significant declines in the past 24 hours, accounting for an average loss of more than 14 percent during that period.
For bitcoin specifically, the past days haven’t been exactly forgiving either.
The cryptocurrency has seen losses for ten out of the last eleven days – a series of events that have not occurred since September 2014.
Today’s low represents a depreciation of 26.28 percent endured over the bearish stint. As a result, over 80 percent of the recent rally from bitcoin’s annual low has evaporated.
In sum, bitcoin’s price rallied $2,705 from June 24th to July 24th, over $2,000 of which has since disappeared, according to data from Bitfinex.