On Monday, Bitcoin and Dogecoin fell sharply, Coinbase’s stock price fell more than 5%, and the market value of cryptocurrencies evaporated by more than US$500 billion.

比特币,狗狗币引领加密货币再次集体跳水!加密市值蒸发5,000亿美元

According to the BiTui terminal, the current price of Bitcoin is US$44,386.65, a drop of nearly 9%, and a drop of about 30% from the peak of close to US$65,000 in mid-April. The price of Dogecoin is 48 cents, a drop of more than 5%, which is a drop of more than 36% compared to the peak of nearly 75 cents set by Musk when he was a guest on Saturday Night Live.

According to data from CoinMarketCap.com, the widespread cryptocurrency decline has evaporated the cryptocurrency market value of more than US$500 billion from a peak of approximately US$2.546 trillion last week to US$2.02 trillion.

The crypto market has had a difficult week, and Dogecoin has performed better than most cryptocurrencies.

In the past week, Bitcoin and Ethereum have fallen by more than 20%, and Litecoin has fallen by more than 30%.

At the same time, Coinbase’s stock price plummeted 5.5%, because digital asset platforms tend to fall sharply in sync with the broader cryptocurrency market.

Coinbase COIN has fallen by about 30% since it went public about a month ago, or 3.92%. The company’s quarterly results announced last week were in line with investors’ expectations and in line with the company’s preliminary report released on April 14 before it went public on the Nasdaq.

However, Bitcoin’s bearish sentiment is beginning to erode the development momentum of Coinbase and other cryptocurrency-linked assets.

The Bitwise Crypto Industry Innovators ETF BITQ, which debuted last week, provided exposure to crypto-related assets, which fell 6.2%, and Coinbase was one of its main holders.

To date, cryptocurrencies such as Dogecoin and Bitcoin have generated strong returns compared to traditional assets. So far in 2021, Dogecoin has risen by more than 10,000%, and Bitcoin has risen by 50%.

In contrast, the year-to-date gold futures GC00 fell 1.5%. The Dow Jones Industrial Average DJIA rose nearly 12%, the S&P 500 Index SPX rose more than 10%, and the Nasdaq Composite Index COMP rose more than 3% over the same period.