And down it goes................................................

The carnage in the crypto market continued as the top tokens extended their weakness for another week. The meltdown in the crypto market has been so painful and acute that market capitalization of index has wiped off by about 70 per cent its peak and barehold holding the $3 trillion mark. "The investors are shifting from riskier crypto assets and parking their funds in stablecoins," said Tarusha Mittal, COO and Cofounder, Unifarm. "The markets are expected to remain choppy in the coming weeks."

The second largest crypto token, Ethereum barely held $1,000 level on Saturday. Following the 10 per cent fall in the token it hit the $1,001 mark. It has wiped out more than 75 per cent of its value from the peak. On a weekly basis, it has fallen more than 40 per cent. It is trading near two-and-a-half year lows.

After the Terra's LUNA debacle, stablecoins have become quite an unstable fad as their pegging to the US dollar is under constant scrutiny. Tether, the most popular stablecoins has also lost its peg, whereas Tron's algorithmic stablecoin is also denting the sentiments.