Bitcoin has crashed over 7% this morning, following a large bout of selling pressure.
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.
The 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%.
Total volumes across the decentralised finance (DeFi) space fell around 7% this week, with Ethereum’s largest decentralised exchange Uniswap being among the worst hit.