Bitcoin crashed over 7% this morning, following a large bout of selling pressure between 07:30 and 11:30.
Over US$1,000 has so far been wiped off and is now trending below US$22,000.
Ethereum fared slightly better with a 6% drop to US$1,730, having been propped up by a decent early-week rally on the back of a concrete date set for the upcoming Merge.
Fan-engagement token Chiliz rounded the week with a US$1.2bn market valuation after encountering a 30% rally in the past seven days.
Meanwhile the Celsius short squeeze continues to keep the CEL token afloat, having gained close to 9% over the past week.
Shiba Inu and Dogecoin meme coins also performed well, however most blockchain networks maintained a bearish position.
Solana, Polkadot, Polygon and Avalanche saw double digit losses across the weekly period, while Cardano dropped 8%.
EOS was one of the few blockchains to encounter positive price action, albeit at only 1%.
Totals volumes across the decentralised finance (DeFi) space fell around 7% this week, with Ethereum’s largest decentralised exchange Uniswap being among the worst hit.
Morning headlines
Crypto.com has laid off far more staff than the disclosed 5%, says a report from The Verge.
According to sources, the Matt Damon-fronted digital asset exchange is trying to limit knowledge of the extent of these departures internally, with chief executive officer Kris Marszalek turning down questions in a recent employee-only town hall.
Despite the rumours, a number of hires have been made in the UK as Crypto.com was recently given the nod by the Financial Conduct Authority to open up its services to British customers.
Suspected Russian cryptocurrency money launderer Denis Mihaqlovic Dubnikov has been extradited from the Netherlands to face charges in the US.
According to the US Department of Justice, Dubnikov and his co-conspirators laundered the proceeds of ransomware attacks on individuals and organisations throughout the US and abroad.
He faces a maximum sentence of 20 years in prison.
** Update: New price action added to reflect recently Bitcoin selling pressure **