This Week in Coins: Bitcoin Brings Entire Crypto Market Down One Week Before Halving

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Illustration by Mitchell Preffer for Decrypt.

With a week left before Bitcoin’s long-awaited halving event, the top coin’s price is down—down bad.

Right now, it’s priced below $67,000 per coin, according to CoinGecko, dipping as low as $65,981 late Friday.

Like last weekend, it has finished well below its March all-time high of nearly $74,000, dropping nearly 2% over seven days.

During the week, the virtual coin was closing in on $72,000 but lost those gains by yesterday when it lost 5% within the day.

Ethereum has also struggled to do well over the week. The second biggest coin is down over 3% and is now priced at $3,226.

Most top coins and tokens have suffered over the week, with Solana being one of the biggest losers: it has now dropped to $142.62, having plunged by 13% over seven days.

The coin’s network has struggled with congestion issues for some time now, which could well be contributing to the asset’s downward price pressure.

Decentralized exchange Uniswap’s UNI token is also among the least successful tokens. It fell sharply following news that the was in the crosshairs of the Securities and Exchange Commission and is now down 33% over the week, trading hands for $7.40.

Uniswap Labs, the firm behind the platform, said Wednesday that it received a Wells notice from regulators, warning it of impending enforcement action.

Smaller tokens, like Wormhole, have continued to get bruised: the token, one week after its airdrop, is down by 46%. It’s now priced at $0.59.

Digital assets that have done well include Toncoin, which nearly flipped Dogecoin this week: it’s now priced at $6.44, having risen by nearly 20% in seven days. News of a potential IPO for Telegram has contributed to the coin’s surge.

Edited by Ryan Ozawa.

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