Bloomberg: Cryptocurrencies have almost wiped out all of their year-to-date market capitalization gains in just over a month.

Cryptocurrencies have wiped out almost all of their year-to-date market capitalization gains in just over a month. CoinGecko data shows that the total market capitalization of all cryptocurrencies reached a record high of nearly $4.4 trillion on October 6, but has since fallen 20%, bringing the asset class's year-to-date gain to just 2.5%. This market downturn began just days after hitting record highs when approximately $19 billion in leveraged positions were suddenly liquidated, severely damaging market confidence, and traders showed little sign of betting on a rebound.