Bitcoin traded at a six-month low of $38,258 on Friday before recovering some gains in a wider crypto rout that saw some coins lose by double digits.
ADA, which was experiencing some gains in the last one week, fell the most with losses of 10% to trade at $1.21. The network’s announced launch of SundaeSwap did little to boost the sentiment.
Other leading cryptocurrencies, including Ether, Solana, Binance Coin, and Ripple, experienced declines of between 6% to 10%.
The fall in the major cryptocurrencies was not linked to specific news, with investors speculating that news that Bitcoin bull Raoul Pal has disposed of all his holding, with only one left could be behind.
Bill Bambrough, a Forbes contributor, says investors could have been rattled by recent indications by the Federal Reserve of raising rates and shrinking the balance sheet.
Following the Friday plunge, the crypto market wiped out $50 billion, extending declines since early November when the industry surpassed $3 trillion.
BTCUSD is currently down -4.02%, ETHUSD is down -3.64%, ADAUSD is down -1.77%.
