Are we firmly in a Crypto Winter? It was another down week for the leading coins as regulators continued their scrutiny of the industry.
The crypto market couldn’t hold on to gains it made last week following eight consecutive weeks of decline. According to CoinMarketCap data, all of the top 10 cryptocurrencies fell in the past week by at least 3% except Cardano (ADA), which is up 6% on the week.
Binance Coin (BNB) fell 6.5% on the week, while Dogecoin (DOGE), Cronos (CRO), Litecoin (LTC), and Monero (XMR) all dropped by more than 10%.
So, what’s keeping the crypto market on ice? Continued losses in the stock market, especially in tech stocks—and crypto prices have been more tied to tech stocks over the past month than they had been historically. The S&P 500 and Nasdaq both fell about 6% this week, and BTC and ETH fell right along with them.
Post courtesy of decrypt