Bitcoin ( BTC ) has fallen more than 10% in the last 7 days, to a low of just over $26,000. This coincides with a significant reversal for the previously hot memecoin market.

At press time, the world’s biggest cryptocurrency was trading at about $26,300. This is a level that has not been seen in over a month.

Laurent Kssis is a crypto advisor with CEC Capital. He said that Bitcoin might fall below $26,000 this weekend, but the price of Bitcoin right now is very high. “Clearly, there are no longer any fundamentals that are holding BTC back and traders are worried. But it feels like a short-term play to increase BTC at these lower levels,” said Laurent Kssis, crypto advisor at CEC Capital.

Bitcoin was traded at its lowest level in two months on Friday (TradingView).

Oanda analyst Ed Moya thinks bitcoin will continue to be under pressure until there is regulatory clarity in the U.S.

Ether ( , ETH), though also down for the week was a little better than bitcoin. It is currently trading at $1,770, compared to its previous weekly high of $2.020, which was reached last Saturday.

The falling prices of some memecoins – notably pepecoin PEPE – have contributed to the sour mood surrounding bitcoin. The token, based on the “pepe frog”, was launched in April and rapidly rose to a valuation of more than $1 billion. This has now been reduced to approximately $560 million.

PEPE’s Market Capitalization (CoinGeko).

Dogecoin ( DOGE) as well as Shiba Inu( SHIB) also declined by about 11% in the last seven days.

Youwei Yang is the chief economist of BTCM, a publicly traded bitcoin mining firm. The market correction of memecoins is due in large part to a calming down of FOMO (fear not missing out).

Altcoins also suffered in the recent selloff. Filecoin’s ( FIL), and Aribitrum’s ( ARB), each lost about 17%.

Stephen Alpher edited the book.