This Week in Crypto: Chaos Ensues, Market Plunges

The broader crypto market is bleeding out, with almost every token registering massive losses. In the past 24 hours, the total crypto market capitalization has gone from nearly $2 trillion to $1.15 trillion, fueled by panic selling as investors race to stave off losses. Bitcoin Tumbles to 16-Month Low Battling an uptick in inflation and Terra’s UST implosion, the value of Bitcoin (BTC) has plummeted below $27,000 -- its lowest level since December 2020. Over the last seven sessions, BTC has lost 32.1% of its value, breaking multiple key support levels.  While BTC was hovering around the $31,000 mark earlier this week, with investors awaiting the U.S. CPI data.