It has been roughly four days since the series of unfortunate events pushed the cryptocurrency market to take a massive turn for the worse, and it is still struggling to recover from the devastation that saw as much as $50 billion outflow from its market capitalization within a single hour on March 3.

Specifically, the total crypto market cap is battling to hold above a $1 trillion psychological level, as at press time, stood at $1.03 trillion, recording a slight improvement of 0.51% over the past day but still a far cry from the amount recorded seven days before, according to the data retrieved from the crypto tracking platform CoinMarketCap on March 7.

Indeed, the developments creating the sentiment of ‘FUD’ (Fear, Uncertainty, and Doubt) accumulated in the days leading up to the recent downturn, ranging from the crypto bank Silvergate crashing, the expectations of a ‘hot’ Consumer Price Index (CPI), and Mt. Gox creditors potentially receiving massive Bitcoin (BTC) reimbursements, which many believe could result in a large sell-off, causing the BTC price to tank.

(By Ana Nicenko)