Bitcoin sinks to a 12-month low as it falls below $26K

Bitcoin, Ethereum, and the other leading cryptocurrencies are falling, erasing mild gains made during the week prior.

The global crypto market cap is down to $1.03 trillion, a 7.5% drop in just 24 hours.

Bitcoin is down 18% in the past seven days and has fallen below $26,000 to $25,513, its lowest point of 2022 and a 12-month low.

Every single one of the top 20 coins by market cap has fallen double-digit percentages in the past seven days.

BNB is down 22% in the past week, Cardano (ADA) down 24%, XRP down 18%, Solana (SOL) down 31%, Dogecoin (DOGE) 28%, Polkadot (DOT) 28%, Avalanche (AVAX) 35% and Polygon (MATIC) 25%.

For years, Bitcoin was pitched as a hedge against inflation, but it has not behaved that way in 2022.

In January, Bitcoin hit its highest level of correlation with the S&P 500 and Nasdaq since 2020.

For the moment, crypto and tech stocks are going down hand in hand due to a mix of the COVID-19 hangover, geopolitical uncertainty, and continued negativity from prominent lawmakers about crypto.