Crypto prices fell sharply on Friday, with some of the top altcoins losing more than 8%
Cryptocurrency prices remain in a declining trend, with some of the major altcoins recording significant losses over the past 24 hours.
Shiba Inu, Ethereum, Dogecoin and Solana are all down around 8%, becoming the biggest laggards of the day.
Bitcoin, the top crypto, also shed 5%. It is now 33.50% away from its previous all-time high, but it is still up 62.95% on a year-to-date basis.
The king of crypto continues to trade in tandem with the US stock market, which is under some pressure during the last trading day of the week. The tech-driven Nasdaq is trading 1.84% lower. The S&P 500 and Dow Jones are down 1.46% and 1.71% respectively at time of publication.
Bitcoin is currently trading at its lowest level since Dec. 4, the day the flagship cryptocurrency collapsed over 17% within 24 hours and reached a local bottom of $42,000.
After several unsuccessful attempts to recover the $ 50,000 level, Bitcoin now looks increasingly vulnerable, and the bears seized the opportunity to drive prices down significantly ahead of the weekend. Bitcoin surpassed $ 49,000 on Wednesday after the Federal Reserve announced it decided not to raise interest rates yet. The recovery, however, was only a flash in the pan.
Almost the entire CoinMarketCap 100 is in the red, with only two exceptions. The yearn.finance (YFI) token is up 34.11% after the team behind the decentralized finance protocol announced that it would be buying back the cryptocurrency. Waves (WAVES) is also up 6%, bucking the overall bearish trend on the market.
According to data from Coinglass, around $ 278 million worth of cryptocurrency was liquidated in the past day.
