Crypto crashed way harder than Japan or global markets

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—by Protos Staff

Amid Japan’s FX and carry trade crisis last weekend, crypto had one of its worst weekends in history. From US markets’ close on Friday to their opening on Monday, bitcoin lost one-fifth of its value. Other crypto assets fared far worse.

Ether, for example, lost one-quarter of its value over the past week.

Other large altcoins mirrored ether with Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Optimism (OP), Aptos (APT), Sui (SUI), Uniswap (UNI), and Filecoin (FIL) all losing approximately one-quarter of their market capitalizations.

Even MicroStrategy briefly dipped by nearly -30%.

Crypto meme coins are this week’s worst performers

Moving down the credibility leaderboard, meme coins ranked among the worst performers during the recent downturn. In the past seven days, Pepe has declined 33%, DogWifHat is down 40%, MAGA lost 43%, and Floki lost 30%. Even the largest meme coin, Dogecoin, shed 24%.

Overall, the global crypto market capitalization has lost $425 billion since last week. Its 17% decline far underperforms broad stock indices, indicating its relative weakness as investors fled crypto into safe havens. 

Dogecoin has declined by nearly a quarter over the past seven days.

Read more: Supreme Court will hear Coinbase’s Dogecoin sweepstakes case

Since five business days ago, the S&P 500 is only -5%, Euro STOXX 50 is -6%, FTSE 100 is -3.4%, and Hang Seng is -2%. Crypto underperformed all of these indices by an embarrassing margin.

Crypto at -17% even underperformed the instigator of the weekend’s market crash: the Japanese yen’s -5% and the Japanese stock market’s -12%.

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