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Description by Mitchell Prefer for Decrypt.
With one week to go before Bitcoin's much-anticipated halving event, the coin's price has plummeted — and it's bad.
Now, the price is below 67,000 per coin, according to CoinGecko, down to $65,981 at the end of Friday.
As of last weekend, it finished well below its March high of nearly $74,000, down nearly 2% in seven days.
During the week, the virtual coin was closing at $72,000 but lost those gains yesterday when it fell 5% intraday.
Ethereum struggled to do well during the week. The second largest coin is down more than 3% and is now trading at $3,226.
Most of the top coins and tokens were affected during the week. Solana Being one of the biggest losers: It is now down to $142.62, down 13% in seven days.
The coin network has struggled with congestion issues for some time, which may have contributed to the asset's low price pressure.
Decentralized exchange Uniswap's UNI token is also among the few successful tokens. It fell sharply following news that it was in a dispute with the Securities and Exchange Commission and is now down 33% on the week, changing hands at $7.40.
Behind-the-scenes Uniswap Labs said Wednesday it had received a notice of Wells from regulators warning of impending enforcement action.
Small tokens like wormholes continue to suffer: the token, one week after the airdrop, is down 46%. It is currently priced at $0.59.
Digital assets that have done well include Toncoin, which almost overturned Dogecoin this week: it is now trading at $6.44, up nearly 20% in seven days. News of a possible Telegram IPO contributed to the coin's rise.
Edited by Ryan Ozawa.
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