The cryptocurrency market has experienced a downturn, resulting in a $40 billion decrease in the global crypto market cap. Bitcoin has been leading the trend, dropping below its recent floor of $27,000 to its current price of $26,300. Most of the cryptocurrencies in the top 10 by market cap have decreased by around 6% over the last seven days, while memecoins like pepe and shiba inu have seen even more significant drops. Meanwhile, the wider markets remain largely unchanged.