Bitcoin, Ethereum, and all major cryptocurrencies noticed a significant plunge on Friday with some declining to 10%.
The decline resulted in an overall market capitalization loss of more than $205 billion for the total cryptocurrency market in just 24 hours, according to CoinMarketCap.
As of just before 10:00 a.m. ET, Bitcoin was down more than 10%, falling to $38,440.
Earlier this year, the leading digital currency declined to 16.6%—erasing more than 75% of Bitcoin’s 2021 gains.
Other cryptos suffering major setbacks included Ethereum, which fell 13.5% (and is down nearly 24% year to date), Solana (down more than 16% today and 30% year to date) and Cardano (which has slipped 15% in early trading and has lost 8.5% of its value in 2022).
Meme coins also weren’t spared from the carnage, as Dogecoin fell to over 10%, and Shiba Inu fell more than 13%.