Crypto Market Loses $150 Billion Amid 70% Drop in Trading Volumes and Double-Digit Losses

The cryptocurrency market is facing a challenging period, with a reported $150 billion loss in market capitalization over recent days. This downturn is accompanied by a significant decline in trading volumes, which have plummeted by 70% from their peak as the post-election excitement wanes. The interconnectedness of cryptocurrency and stock markets is evident, as equities also experience declines in response to falling crypto prices. According to data from a16z's 'State of the Industry' index, demand for cryptocurrencies has decreased, although stablecoins have shown resilience amid the broader market pressures.