Crypto holders have gone through a very busy week. If on Monday it still seemed that there was nowhere to fall further, then the end of the week showed that the bottom was still far away. As a result, in total, over seven days, the Bitcoin rate fell by almost 8%, while Ethereum fell by almost 6%.
In the top 10 major cryptocurrencies, Binance Coin holders lost the least of all – during the week its rate remained practically unchanged. But the rest of the altcoins just collapsed. Solana and Polkadot – minus 18%, Cardano – minus 20%. Dogecoin has also fallen in price, closing the top ten: for 1 Doge, they give less than $ 0.2.
The market crashed on the back of unhappy news about the discovery and spread of a new strain of coronavirus B.1.1.529 (Omicron) with even greater transmissibility than the Delta strain. Traders fear that its spread will lead to a downturn in the global economy, so they get rid of risky assets (which include cryptocurrencies). However, it is not only the crypto market that is falling: stock prices of technology companies are falling, and the price of oil is falling.