Losses in cryptocurrencies deepened Friday, with everything from Bitcoin to Ether to Solana either setting or approaching their lowest levels of the year.
The MVIS CryptoCompare Digital Assets 100 Index, a market cap-weighted measure which tracks the performance of the 100 largest tokens, declined 4.9%, bringing the drawdown for the year to almost 50%. Bitcoin, which accounts for almost half the index, slumped for a fourth day. Ether, which makes up about 18%, breached an earlier low set at the start of May after the collapse of the Terra blockchain. Popular DeFi tokens such as Solana and Cardano fell even more.
“We are entering into a crypto winter,” said Paul Veradittakit, a partner at Pantera Capital Management. “Capital is going to consolidate with the larger cap coins like BTC and ETH for the time being.”
Investors are increasingly saying the market is in the midst of crypto winter, as extended period of declines have become known over the years. Last week, Gemini Trust, run by...
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