Cryptocurrencies are in the red this year, with a market value of $1.6 trillion as of Monday, down from $2.3 trillion at the start of 2022, a drop of about 30% in little over three weeks. According to CoinGecko, the market downturn has erased roughly $700 billion in value, with bitcoin (BTC) down 28 percent for the year and ether (ETH) down 40 percent.