Crypto Crash News: The global digital asset market registered a broad sell-off on Friday as fear rises around the future of United States based crypto friendly banks. The cumulative crypto market cap has dropped by a whopping 7% as it lost over $60 billion over the past 24 hours. It now stands at $930 billion.
Liquidation Breaches $300 Mln
As per the Coinglass data, $308 million have been liquidated from the crypto market in the last 24 hours. The single largest liquidation order of $9.49 million took place on the Bitmex crypto exchange. However, Binance turned out registered the liquidation of around $106 million over the past day. While OKX crypto exchange followed the world’s largest exchange to register liquidation of $74 million.
Data depicts that Bitcoin, the world’s largest crypto suffered a liquidation of $120 million in the last 24 hours. Bitcoin price has dropped by a massive 8% in the same period. It is trading at an average price of $19,988, at the press time. Read More Crypto News Here…
Ethereum price shrunk by more than 7% over the past day. ETH saw a liquidation of $75 million in the same period. It is trading at an average price of $1,421, at the press time.
Why Crypto Market Is Crashing?
As per reports, United States stocks and the digital asset market cap have cumulatively lost around $2 trillion in the market cap in the last 24 hours. Silicon Valley Bank failed to reassure its client that their money was safe after its stocks declined by a massive 60%.
This led to a mega dump in both trading markets as the stock market future just a 2 month low while Bitcoin price dropped below the crucial $20K. However, a collapse of SVB would be the 2nd largest bank failure in U.S. history. This could be a major alarm bell for the trading markets.
The crypto market saw a liquidation of over $300 million in the last 24 hours. This comes after just 1 week when the market saw the liquidation of $200 million in just a few minutes.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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