Crypto Market Bleeds $325 Billion in 24 Hours

The crypto market experienced a significant downturn during the final week of February, with a total of $325 billion in market capitalization wiped out, according to a report released by The Kobeissi Letter. The market witnessed a $150 billion wipeout in just 24 hours, marking one of the biggest losses in recent history. The sell-off was broad-based, with almost all crypto assets declining sharply.

Every coin in the market suffered greatly, with meme coins experiencing particularly sharp declines. Solana, for instance, dropped by 22% since Friday, with no signs of recovery. The entire market was painted red, reflecting the grim situation.

Amidst the crypto crash, Sam Bankman-Fried, the former CEO of defunct crypto exchange FTX, expressed sympathy for government employees. His statement came at a time when Elon Musk and his regulatory body, DOGE, were reportedly planning a mass layoff. The political landscape of the crypto community could be destabilized, leaving many people uncertain about their future.

The final week of February proved to be challenging for the crypto market, with a significant loss in market capitalization and a broad-based sell-off. The situation remains uncertain, and the crypto community braces for further developments.