Crypto prices dropped sharply on Friday, with some of the top altcoins losing more than 8%
Cryptocurrency prices remain in a declining trend, with some of the major altcoins recording significant losses over the past 24 hours.
Shiba Inu, Ethereum, Dogecoin and Solana are all down roughly 8%, becoming the top laggards of the day.
Bitcoin, the top crypto, also shed 5%. It is now 33.50% away from its previous all-time high, but it is still up 62.95% on a year-to-date basis.
The crypto king keeps trading in tandem with the U.S. stock market, which is under some pressure during the last trading day of the week. The tech-focused Nasdaq is trading 1.84% lower. The S&P 500 and the Dow are down 1.46% and 1.71%, respectively, at press time.
Bitcoin is currently trading at its lowest level since Dec. 4, the day the flagship cryptocurrency collapsed over 17% within 24 hours and reached a local bottom of $42,000.
After several failed attempts to reclaim the $50,000 level, Bitcoin now looks increasingly vulnerable, and bears have seized the opportunity to push prices significantly lower ahead of the weekend. On Wednesday, Bitcoin spiked above $49,000 after the Federal Reserve announced that it had decided not to raise interest rates for now. The recovery, however, was merely a flash in the pan.
Almost the entire CoinMarketCap 100 is in the red, with only two exceptions. The yearn.finance (YFI) token is up 34.11% after the team behind the decentralized finance protocol announced that it would be buying back the cryptocurrency. Waves (WAVES) is also up 6%, bucking the overall bearish trend on the market.
Roughly $278 million worth of cryptocurrencies have been liquidated over the past day, according to Coinglass data.