Cryptocurrency Market Loses Over $200 Billion As Bitcoin And Other Cryptos Fall
-The cryptocurrency market has has lost more than $200 billion in the last 24 hours
-The crash is believed to be caused by panic among crypto-traders
-Major Cryptocurrencies, Bitcoin and Ethereum have fallen below $47000 and $1500 respectively
The cryptocurrency market has been hit hard in the last 24 hours, losing more than $200 billion.
This crash has been caused by a panic among retail traders, resulting in the fall of major cryptocurrencies.
Major crypto asset, Bitcoin has fallen by more than 15% and it currently stands at $46,500 with its market cap below $900 billion.
Ethereum has been hit even harder, falling below $1500 in the last 24 hours, a drop of over 23%. The total market cap of ethereum is now below $180 billion.
Hodlers were smiling when the total market cap of cryptocurrency reached $1.74 trillion on Saturday. In this period, Bitcoin and ETH reached $58000 and $2000 respectively.
The cryptocurrency market has gone bearish since then due to heavy selling pressure from retail sellers.
A similar crash happened in the second week of January 2021. The crypto market lost over $170 billion in a single day.
Crypto assets have experienced high volatility in the past few months due to huge demand from retail investors and institutions.