Crypto Crash News: As the markets continue to tumble, more and more investors are liquidating their holdings. According to CoinGlass, over 84,000 traders have liquidated more than $251 million in the past day.
Crypto Crash News: The Global digital asset market registered a free fall on Friday after the recent Silvergate Captial Corp. Fiasco. The cumulative market cap dropped by more than 4% over the past day to stand at $1.03 trillion. However, the 24-hour trading volume spiked by 21% to stand at $55.4 billion as the investors rush to move their funds in the tumbling market.
Crypto Crash: $185 Mln Liquidated In 45 Minutes
As per the data provided by CoinGlass, over 84K traders liquidated more than $185 million worth of digital assets in just 45 minutes. The sell-off was led by Bitcoin, which plunged by more than 5% in value. Ethereum and XRP also followed the suit, dropping by more than 6% and 8%, respectively.
Bitcoin (BTC), the world’s largest digital asset, dropped to the lowest level in about two weeks due to the latest crypto market crackdown. Bitcoin price declined by more than 4% in the last 24 hours. BTC is trading at an average price of $22,399, at the press time. Around $83 million were liquidated from Bitcoin in the last 24 hours.
What Led To Market Crash?
The latest crypto crash is the aftermath of troubles faced by Silvergate Capital Corp, a crypto friendly bank. However, it is now reviewing its policy on crypto-related businesses, which could lead to a decrease in liquidity for the crypto market. This, in turn, could lead to a further market crash.