Crypto Sell-Off Wipes $700B From Industry Market Cap So Far in 2022

Crypto Sell-Off Wipes 0B From Industry Market Cap So Far in 2022
Cryptocurrencies are deep in the red this year after industry market capitalization plummeted to $1.6 trillion as of Monday from $2.3 trillion at the start of 2022, a decline of about 30% in just over three weeks.According to data from CoinGecko, nearly $700 billion of value has been erased when the market correction sent bitcoin (BTC) down 28% for the year to date and ether (ETH) fell 40%.The new figures imply cryptocurrency market capitalization has roughly halved since its all-time high around $3.1 trillion in November.“Crypto winter” flashbackIt’s not unusual for highly volatile cryptocurrencies to experience swift and devastating drawdowns…