In a significant market downturn, major cryptocurrencies experienced sharp declines during Walpurgis Night. Bitcoin, the largest and oldest cryptocurrency, saw its value drop precipitously, falling just above the $57,000 mark on the Bitfinex trading platform as of Wednesday. This represents a stark decrease from Tuesday’s price of $64,000. Since mid-March, when Bitcoin reached nearly $74,000, it has lost about 22% of its value.

Other cryptocurrencies were not spared from the downturn either. Ethereum, the second-largest cryptocurrency, dipped below the $3,000 threshold. Over the week, Ethereum has lost approximately 8% of its value, performing slightly better than Bitcoin, which saw a decline of over 10% in the same period.

The year started off strong for Bitcoin with a rally driven by investors pouring billions into a new class of exchange-traded funds (ETFs) that hold Bitcoin tokens. However, the influx into Bitcoin ETFs has slowed recently, with some funds even experiencing significant outflows. Despite the recent downturn, many investors who have been in the market since the beginning of the year are still seeing positive returns. Bitcoin has risen nearly 40% since the start of the year.

The rapid shifts in cryptocurrency values reflect the volatile nature of digital currency markets, which can be influenced by a variety of factors including investor sentiment, regulatory news, and macroeconomic variables. As the landscape continues to evolve, both seasoned and new investors are closely monitoring these developments to gauge their impact on the future of cryptocurrencies.