At the time of this news, Bitcoin was trading at $ 38,394 with a loss of 9.44%, while Ethereum was trading at $ 2,785 with a loss of 11.92%. However, Layer 1 and DeFi tokens were the ones that suffered the most in this latest crypto crash.
Bitcoin price started a strong decline below $41,200. BTC settled below $40,000 and entered the bearish zone. BTC price remains at risk of more losses below $38,500.
Similarly, most of the major altcoins fell more than 6%. ETH settled below the $3,000 support zone. XRP traded below the $0.70 support zone. ADA is down 11% and it is trading below the $1.25 level. The total crypto market decline can be seen in the chart below.
Secret Network (SCRT)
Secret Network, the privacy-focused Layer 1 blockchain project built on top of the Cosmos blockchain, was recently enjoying a $400 million investment. However, 48 hours after the news of the investment, the SCRT token fell by 17.8%, becoming the crypto market's top losing token.
The price of SCRT hit a 10-week high of $9.81 on Wednesday after several leading investment firms including DeFiance Capital, Alameda Research, CoinFund and HashKey joined the Secret ecosystem. At the time of this news, SCRT was trading at $ 6.77.
Layer 2-based cryptocurrency exchange Loopring's token LRC has lost 14.8% in the last 24 hours. LRC was trading at $0.959 at the time of this news. LRC made an ATH in November last year, going up to $3.75. The LRC has since lost 74% of its value.
The token of the NEAR protocol was one of the tokens that lost the most in NEAR. NEAR price has lost 12.7% in the last 24 hours. NEAR made ATH at $20.44 last week, but its current price is around $14 at the time of this news.
Some DeFi tokens, such as Aave and Chainlink, also fell sharply. Both tokens tumbled 11.9%.