Crypto-winter jitters saw almost $700 billion fall since the start of 2022

With the commencement of 2022, cryptocurrency market is trading in the red with regular value erosions are being witnessed every alternate day. According to CoinGecko, nearly $700 billion have been washed off the markets since the start of this year.

The “crypto-winter” jitters are the sharp drop crypto market capitalisation, currently stands at $1.62 trillion is significantly down from its all-time high record of $3.1 trillion experienced in November last year and from $2.3 trillion at the start of 2022. However, it is a usual phenomenon for the crypto market to witness such drastic, major drawdowns and volatilities.

Reportedly, in April 2013, the price of Bitcoin reached almost $230 from trading for $13 in January. However, after some days, it again experienced a fall to trade just at $68. During 2018, the crypto market declined to $130 billion in December from almost $850 billion in January.

Since the beginning of the year, Bitcoin has dropped 16.5% within seven days while Ethereum suffered a 23% loss and Solana tumbled by 33%.

Notably, these numbers do not pose much danger in comparison to the jitters the crypto market experienced during 2017-2018 which is known as “crypto winters.” Besides, on December 15, 2017, Bitcoin jumped to $19,497, following a major drop to $13,831 six days later.

Bitcoin continued to fall below $7,000 in February 2018, trading at just $6,359 in November 2018, and suffered a significant fall at under $3,300 in December.

In 2014, bitcoin saw a fall in its value of as much as 99.9% in a single day. That year, bitcoin majorly traded on the now-defunct Mt Goxx exchange witnessed a false-crash, where a hack-led bitcoin to be sold for just a penny.