Cryptocurrency

$300 Billion Lost In Crypto Market as Bitcoin Leads Fall

$300 Billion Lost In Crypto Market as Bitcoin Leads Fall

$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.

Crypto market

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.

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