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00:00[CC may contain inaccuracies] We're seeing some stabilization in Asian trading what's going on. Well what we do know is that even for those die hard Bitcoin supporters who are used to volatility the last seventy four hours were a very rough ride. In fact if we look at the one week losses for Bitcoin which again has stabilized a bit it is still set for the worst one week in eight months. And you're looking at the Bloomberg right now which shows that 50 percent drop by on Saturday or just 24 hours ago. It was below the 34000 level and that is 50 percent below its peak which was almost at sixty nine thousand close to the seventy thousand level just in November. Let's go to those 1 week losses right now. And they are brutal. More than 600 billion in market value wiped out from Bitcoin's peak alone. It could take some time for a bottom to form analysts say. And for confidence to return. If we take a look at the bitcoin chart just for the past few days you can see the rout started late last week. It continued through the weekend. That's when Bitcoin fell as low as 34000. Other digital assets also slid with a theorem which was down as much as 12 percent over the weekend. Solana Cardona each falling as much as 17 percent and Coinbase which also fell. It is a digital coin exchange and it recently went public. It was down as much as 13 percent on Friday. No margin positions were being liquidated. That caused a wave of additional selling pressure. We've mentioned that Solana one of the largest block chain networks was actually hit by stability instability. Because of the rush of selling the Fed being more hawkish had already started to weigh on bitcoin prices. But with all the volatility and the sell off in tech assets we saw Bitcoin going along for that very bearish ride. Yes. See you mentioned the Fed there. The sell down and take. But what are some of the other factors that are intensifying the sell off. And a lot of analysts saying about where crypto goes next. Well it's a question where it goes next because let's drop right into the Bloomberg. So many had said that Bitcoin was in its own world and yet it continues to show greater correlation with assets like tech stocks when there is risk off sentiment. The Federal Reserve again adding to concerns. There are new pressures coming from Russia which is putting limitations on mining. But on Friday Bloomberg reported that the White House is now adding to the mix. Sources close to the Biden administration say there could be an executive order as early as February putting out a White House plan and ordering various federal agencies and regulators to issue reports on the regulation of Bitcoin. Any of security issues and how it may impact the economy. So if we look at how Bitcoin and its rival coins are trading now there is still a bit of red on the screen although again Bitcoin firming up as is its rival ether. But a lot of analysts say there is a possibility we could go lower from here as low as 30000 perhaps noted crypto bill and billionaire Mike Novogratz. It's thirty eight thousand would hold a last week as we know that was broken over the weekend.

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Crypto Currencies Meltdown Erases More Than $1 Trillion in Market Value

The rollercoaster ride for crypto currencies continues. Digital coins from Bitcoin to Ether to Solana were crushed in a brutal selloff last week. Su Keenan reports on "Bloomberg Daybreak: Asia." (Source: Bloomberg)

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