Billions Wiped as Cryptos in Freefall, El Salvador Keeps Buying, Problems Hits SundaeSwap

After an optimistic post last week, when it seemed like cryptocurrencies were starting to recover again, the crypto market has taken a turn for the worse (or for the better if you want to buy the dip).

The currencies that bore the brunt of the fall are all more obscure coins. POKT fell by 54.8%, CRV by 45.3%, and GALA by 44.4%. However, this doesn’t mean that the big names fared much better.

ETH’s value dropped by 27.6%, and BTC by 18.5% — not the worst of the bunch, but still pretty stark price decreases. Other notable falls include: SOL by 34.9%, DOT by 34.8%, SHIB by 30.6%, LTC by 26.4%, and DOGE by 25.4%.

I wasn’t joking when I said that last week’s market saw dips all around, so there’s not much to say regarding price increases. CDAI increased 0.2% and CUSDC by 0.4%, but that’s about it from the non-stablecoins — and we’re hardly talking about all-time highs here.

The crash has wiped out hundreds of billions from the crypto market, and it’s even done some serious damage to the net worths of figures like Elon Musk, Jeff Bezos, and Mark Zuckerberg. Bitcoin is now heading for its worst week in eight months due to the continued losses.

But why are prices falling? Some believe it could be at least partly due to the news that Russia’s central bank is allegedly planning to ban cryptocurrencies. A country as big as Russia planning to ban cryptocurrencies would always be bad news, but this is even worse when you consider that lots of mining takes place in the nation.

However, not everyone has been fazed by the drops. It seems that El Salvador can always be relied on to be bullish about bitcoin, with the nation’s President buying even more of the cryptocurrency.

Decentralized exchange SundaeSwap, which is the first of its kind that is run on Cardano, went live last week — but it’s already run into problems. Many users have complained about not being able to receive the tokens they were owed in swaps.

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