Crypto Bloodbath: Major Coins Suffer Double-Digit Declines
A sharp and unexpected correction in the global cryptocurrency market has rattled investors, wiping billions in market capitalization. Over the past week, top cryptocurrencies, including Bitcoin, Ethereum, Ripple (XRP), Dogecoin, and the newly popular Pi Network, have seen sharp declines amid broader concerns over tightening global liquidity and growing regulatory scrutiny.
According to data, Bitcoin, the flagship digital asset, has tumbled over 4% in the last seven days. Ethereum, its closest rival, has seen an even more severe drop of 10%, leaving many investors reeling. Despite a brief recovery in the last 24 hours, the overall sentiment remains bearish.
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Dogecoin and Pi Network Lead the Decline
The biggest jolt came from Dogecoin, which lost a staggering 18% of its value in just a week. Once propelled by celebrity endorsements and political hype, particularly linked to former U.S. President Donald Trump’s campaign, Dogecoin has now become the worst-performing major asset of the current crypto cycle.
Meanwhile, Pi Network, a relatively new player once touted as the “next Bitcoin,” is showing signs of collapse. Launched in February 2025 with much fanfare, the currency initially surged on the promise of mobile mining and easy access. However, in the past week alone, it has crashed by 22%, and since launch, it has plummeted over 50% in value. Ripple (XRP) is also feeling the pressure, sliding 10% over the same period.
Market Outlook: Cautious Optimism or Prolonged Pain?
Crypto analysts suggest that while some correction was expected after an overheated bull run earlier this year, the speed and scale of the current downturn are alarming. Factors such as rising U.S. Treasury yields, renewed inflation fears, and an imminent crypto regulatory framework in the EU are being cited as catalysts for the sell-off.
Despite a minor 24-hour uptick, market watchers warn that the crypto winter may not be over just yet. For now, investors are advised to tread cautiously, as volatility is expected to persist.