Two days ahead of the US mid-term day and the latest CPI report, Bitcoin and Ethereum have taken a beating.
Bitcoin (BTC) has lost its bullish momentum, with the leading cryptocurrency reaching a new weekly low of $19,563.35, according to data from Coingecko.
Data from CoinGecko shows that after a modest recovery, bitcoin is now changing hands at around $19,730, down 4.8% over the past 24 hours.
Bitcoin's daily trading volume increased by 48.54% to $343 billion over the same period.
The day's bearish price momentum reversed Bitcoin's weekly gains. BTC is down 4% over the past week and 71.4% from its all-time high of $69,044.77 in November 2021.
Bitcoin's market capitalization has also lost two-thirds of its value since those highs, falling from $1.27 trillion last November to a low of $379 billion today.
According to data from CoinGecko, Ethereum (ETH), the second-largest cryptocurrency by market cap of about $178 billion, is down 6% in the past 24 hours.
Ethereum (ETH), the second largest cryptocurrency by market cap of about $178 billion, is down 6% over the past 24 hours, according to data from CoinGecko.
Earlier today, ETH broke that level, falling to $1,454, the coin's new weekly low. At press time, ETH changed hands around $1,484, staging a slight correction.
According to data from Defilama, the total value locked (TVL) across all decentralized applications on Ethereum is down 5.47% over the past 24 hours, reflecting low user growth in DeFi.