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Illustration by Mitchell Preffer for Decrypt.
With just a week remaining until Bitcoin’s highly anticipated halving event, the leading cryptocurrency’s value is on a downward spiral.
Currently trading at below \(67,000 per coin, as reported by CoinGecko, it plummeted to \)65,981 towards the end of Friday.
Similar to the previous weekend, Bitcoin closed significantly lower than its record high of nearly $74,000 in March, experiencing a drop of almost 2% over the past seven days.
Throughout the week, the virtual currency approached $72,000 but relinquished those gains by the end of yesterday, marking a 5% decline in a single day.
Meanwhile, Ethereum faced its own challenges during the week, with the second-largest cryptocurrency dropping by over 3% to reach a price of $3,226.
Many prominent cryptocurrencies and tokens suffered losses over the week, with Solana emerging as one of the biggest losers, plummeting to $142.62 after a 13% decline in seven days.
Persistent network congestion issues have plagued Solana, potentially contributing to the downward pressure on its value.
Uniswap’s UNI token also experienced a significant setback following reports of scrutiny from the Securities and Exchange Commission, leading to a 33% decline over the week and a current trading price of $7.40.
Uniswap Labs, the company behind the decentralized exchange, disclosed on Wednesday that it had received a Wells notice from regulators, indicating impending enforcement actions.
Smaller tokens like Wormhole have also faced substantial losses, with a 46% decrease in value one week after its airdrop, now valued at $0.59.
On the other hand, Toncoin has demonstrated remarkable performance, nearly surpassing Dogecoin this week with a price of $6.44, marking a nearly 20% increase in seven days. The surge in Toncoin’s value can be attributed to rumors of a potential IPO for Telegram.
Edited by Ryan Ozawa.