Bitcoin, Ethereum and other altcoins fell further over the weekend, erasing the slight gains made over the previous week.

The global cryptocurrency market cap fell to $1.03 trillion, down 5.5% in 24 hours, according to CoinMarketCap.

Bitcoin is down 18% in the past seven days and has fallen below exactly $26,000 to $25,513, the lowest price point for Bitcoin in 2022 and the lowest in the last 12 months.

Ethereum’s performance was even worse, down 28% from last week, even after last Wednesday’s Ropsten testnet was successful.

Last Friday, Ethereum developers shared their decision to delay the major upgrade, for another two months, which may not have helped improve the overall sentiment around Ethereum.

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And it wasn’t just Bitcoin and Ethereum, as the top 20 cryptocurrencies by market capitalization have fallen by double digits in the past seven days.

Binance Coin BNB is down 21% from last week, Cardano is down 22%, and Ripple is down 17%…

The crypto market did not seem stable throughout this year 2022, after it was in a huge bullish wave between 2020 and 2021, but the current crypto winter began in earnest in the first week of May, when cryptocurrencies fell along with the stock market.

Then the Terra system caught fire (although this week’s Chainalysis report linked Bitcoin’s decline more to a broader tech sell-off, not Terra’s crash).

Since then, tech stocks have continued to take a hit and cryptocurrencies, in turn, have fallen further.

The slip intensified last week along with the May CPI reading, which showed consumer prices rising 8.6% compared to May 2021, the highest annual inflation number since 1981.

For years, Bitcoin has been touted as a hedge against inflation, but it didn’t act that way in 2022, in January of this year it reached its highest level of correlation with the S&P 500 and Nasdaq since 2020.

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At the moment, stocks of crypto and technology companies are plummeting in tandem with each other.

Add to this negative mix the remnants of the coronavirus pandemic, geopolitical uncertainty, and persistent negativity from prominent lawmakers around cryptocurrency, which means there are potential factors that will cause a long-term bear market for cryptocurrencies and tech stocks.

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