Here are the biggest losers (MarketWatch)

The past few days have been some of the worst in Bitcoin's recent history, with the cryptocurrency plummeting from $66,000 to below $50,000 between Friday and Monday morning.

The situation is even worse for altcoins, which have seen multiple double-digit daily and weekly declines.

The Fall of BTC

It was just seven days ago that BTC bulls had it all under control, propelling the asset to a multi-week high of $70,000. But what has happened in the 168 hours since then is hard to imagine.

Bitcoin lost momentum almost immediately last Monday, dropping to as low as $66,000. It held there for a few days before dropping again on Thursday and especially Friday, as the cryptocurrency plummeted alongside Wall Street amid growing economic uncertainty in the U.S. and other countries.

The weekend saw an even more painful drop, as the cryptocurrency dipped below $60,000 for the first time in three weeks on Sunday morning, before dropping to as low as $57,000 by late afternoon.

But the worst, at least for now, happened on Monday morning, when Bitcoin plummeted to just below $50,000, its lowest price since mid-February. Liquidations soared to more than $1 billion, leaving some 300,000 traders bankrupt.

Despite recovering thousands of dollars since then and now trading near $53,000, BTC is still down 12% on the day and 24% in the past seven days, with its market cap falling to $1.05 trillion and its dominance over altcoins skyrocketing to 53.7%.

Altcoins turn red

It seems like we are now seeing a repeat of that, but alternative coins are performing even worse. Every day is a horror show. Amid speculation that Jump Crypto will liquidate its ETH position, Ethereum price has fallen 20% and is now just above $2,300.

Binance Coin, Solana, Ripple, Dogecoin, Toncoin, Avalanche, Shiba Inu, Bitcoin Cash, and Chainlink are just some of the altcoins that have experienced double-digit price drops since yesterday.

If we look at the past 7 days the situation is even worse, with WIF losing 52% of its value in that period, BRETT down 48%, AR down 45%, PEPE down 44% etc.

The cumulative market capitalization of all crypto assets has fallen by $500 billion since Friday, bringing the metric below $2 trillion for the first time in six months.