Cryptocurrency prices continued to decline on Friday with Bitcoin in the lead, dropping below $50,000 for the first time since early March.
Bitcoin is down nearly 20% on a weekly basis, about 30% from its all-time high of $65,000 early last week, pushing the market cap to less than $1 trillion.
The crash was less severe for Ethereum, which only hit an all-time high yesterday but, has since fallen 13%.
Dogecoin wiped out the surprising gains of the week and then some, cutting its price in nearly half after a meteoric rise at the end of last week. Moreover, XRP is down 35% over the week, and Stellar also dropped 30% and Polkadot lost 25% since last week.
[caption id="attachment_2143226" align="alignnone" width="1024"]
Bitcoin chart price via CoinMarketCap[/caption]
According to Coinmarketcap the global cryptocurrency market has shrunk by around 10% in the past 24 hours.
Cryptocurrency prices have been tearing apart, where last week was the clearest sign of a price hike correcting. Many see President Biden's adjustment to increases in the capital gains tax as the most obvious reason for the market slide.
Coinbase, which went public last week, trimmed about 10% of its share price this week but, was largely unaffected by Friday's day trading.
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