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Bitcoin’s bloodbath causes the crypto market to decline by $ 120 billion

The declining impact on the crypto market has resulted in heavy losses of funds from crypto investors on the wrong side of current trading as around $ 120 billion worth of crypto assets went up in thin air in one day.

The flagship crypto, which rose to a record price level of over $ 58,000 last weekend, has now devalued over $ 11,000 as the current price shows it is trading at the $ 46,800 price level.

The global market cap for crypto is $ 1.41 trillion, down 8.23% on the last day.

  • The total volume of the crypto market over the past 24 hours is $ 151.74 billion, down 8.97%.
  • The total volume in DeFi is currently $ 13.96 billion, 9.20% of the total daily volume of the crypto market.
  • The volume of all stable coins is now $ 123.76 billion, which is 81.56% of the daily hourly volume of the entire crypto market.
  • The price of Bitcoin is currently $ 46,765.78.
  • Bitcoin’s dominance is currently 61.63%, up from 0.10% over the course of the day.
  • For that day, 130,475 dealers were liquidated.
  • The largest single liquidation order was placed with Binance-BTC valued at USD 3.56 million

READ: Investors Get Burned Losing $ 1.6 Billion In Crypto In One Day

Other leading crypto assets, including Ethereum, XRP, Litcoin, Chainlink, Binance Coin, and Stellar, lost more than 9% in value at the time of this writing.

Additionally, recent data suggests that the world’s largest digital asset manager dropped its $ 32 billion Grayscale Bitcoin Trust (ticker GBTC) this week alone by 20%, according to Bloomberg News, causing Bitcoin to decline Price has exceeded 13% lately.

This suggests that after a lot of money poured into GBTC when institutional investors sought exposure to Bitcoin’s dizzying rally, investors are getting out now that the current bullish rally appears to have stalled.

READ: Red Monday: Investors Lose $ 2 Billion in Trading Crypto

The sell-off in the crypto market is likely due to widespread profit-taking by global investors, coupled with strong fears that leading financial regulators could limit their reach.

A few weeks ago, the UK’s leading financial regulator, the Financial Conduct Authority, issued strict advice on crypto investing.

The statement highlighted the risks associated with investing in Bitcoin and other crypto assets and warned the public that there are high chances that all of their funds could be lost.

READ: Cryptos are likely to grow by at least 1000% very soon

“The FCA is aware that some companies offer investments in crypto assets or loans or investments related to crypto assets that promise high returns.

“When you invest in crypto assets or related investments and loans, you are generally taking very high risks with investors’ money. When consumers invest in these types of products, they should be ready to lose all of their money, “said the FCA.

Even so, a significant number of crypto investors seem to be shaking off the big falls as another typical bump on the crypto path, and one that will undoubtedly lead to a return in crypto trading volume as crypto investors try to buy what many see it as a bargain to buy into what is still a bullish run.

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