In another gloomy day for the crypto markets, the total value of all cryptocurrencies fell to $276 billion today – the lowest level since Nov. 26.
The sell-off looks even bigger if we take into account the fact that the total market capitalization is down 66 percent from the all-time high of $830 billion seen in January, as per CoinMarketCap.
Zooming into the detail, the top 10 cryptocurrencies by market value are reporting double-digit losses for the fourth time in the last five days – a decline that has been associated with some banks' decision to ban credit crypto purchases and regulatory backlash against what some jurisdictions consider excess speculation in the crypto markets.
Due to back-to-back negative news cycles since the start of the year, most currencies are down at least 70 percent from their respective record highs.