The cryptocurrency market lost $150 billion in value in a matter of hours on Friday, October 17, further escalating its continuing downtrend.
According to data Finbold retrieved from CoinMarketCap, the total market valuation plunged from $3.7 trillion at around 6 a.m. UTC to $3.55 trillion by 10 a.m. UTC, an approximately 5.8% dip.
Crypto market cap. Source: CoinMarketCap
The losses were universal for the top 10 assets by market capitalization, as they were all in the red on the daily chart. Bitcoin (BTC) is down 5.60% as of the time of writing, while Ethereum (ETH) has dropped more than 7.16%.
Similarly, XRP and Solana (SOL) have fallen 7.69% and 8.23%, respectively, while Cardano (ADA) and BNB bore the brunt of the blow, the former plummeting 9.84% and the latter 11.93%.
Top 10 cryptocurrencies by market cap. Source: CoinMarketCap
Macroeconomic developments sink the crypto market
The digital currency sector continued to decline due to renewed global uncertainty and t
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