$300 Billion Lost In Crypto Market as Bitcoin Leads Fall
The crypto market suffered a huge loss on Friday morning as many traders liquidated
Flagship coin, Bitcoin led the fall by dropping to $48,000, its lowest level since early March
The global cryptocurrency market lost $300 billion as altcoins fell with Bitcoin
The crypto market suffered heavy losses in the early hours of Friday as $300 billion was wiped off in crypto value.
Flagship cryptocurrency, Bitcoin led the fall by dipping below $50,000 to $48,500, its lowest point in the last 7 weeks.
Leading altcoin, Ethereum lost about 10%, dropping as low as $2,145, despite reaching a new all-time high yesterday.
About 582,578 cryptocurrency investors liquidated their assets at various exchanges.
This is bitcoin’s biggest percentage loss since January as its market value was pushed below $1 trillion.
Although many experts argue that the cryptocurrency market is in a long-term bull, they admitted that it was time for a major price correction.
Other crypto assets that experienced huge drops were Cardano, Polkadot, BNB, XRP, and TRX.
Read also: Ethereum Hits New All-Time High of $2,600
A proposed tax ban was a major reason for liquidation yesterday after a bill was proposed for US crypto investors to face capital gains tax.