Crypto Market Cap Falls Below $2T Amid Selloff

Crypto bluechips bitcoin and ether breached key $40,000 and $3,000 support levels late Thursday evening, sending the broader altcoin market into freefall.

According to data, the total market cap of the cryptocurrency industry fell 11% to $1.9 trillion as of Friday afternoon during U.S. trading hours, down from an all-time high of $3.1 trillion last November.

Most major cryptocurrencies suffered double-digit losses, as the recent slew of corrections increasingly signal bear market territory.

With the Nasdaq composite down 5% in the past week, the selloff in cryptocurrency markets appears to be echoing the movements of tech stocks.

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