Bloomberg: Cryptocurrencies nearly erased all year-to-date market gains within one month

In just over a month, cryptocurrencies have nearly wiped out their gains with total market cap down by 20%. Bitcoin has dropped 8%, breaking its crucial 200-day moving average support. Confidence is shaken, particularly in altcoins which saw deeper losses as new investments remain scarce.

Augustine Fan of SignalPlus remarked, “Beyond Bitcoin and Ethereum, altcoin markets have struggled significantly. There is a lack of new capital due to ongoing security concerns and a weak regulatory environment, keeping mainstream participation subdued.”