Crypto Crash News: As the market continues to slump, more and more people are selling their cryptocurrencies. According to CoinGlass, over 84,000 traders have liquidated over $251 million in the last 24 hours. This is a clear sign that the market is in a downward spiral and shows no signs of recovering.
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 mln worth of digital assets in just 45 minutes. The sell-off was caused by the news of Silvergate Captial Corp.’s decision to stop its crypto operations. This caused the prices of most digital assets to tumble, with Bitcoin (BTC) registering the biggest loss of 5.
Bitcoin (BTC), the world’s largest digital asset, is trading at an average price of $22,399, at the press time. This follows a recent crypto market crackdown, which has seen Bitcoin’s price decline by more than 4% in the last 24 hours. Around $83 million were liquidated from Bitcoin in the last 24 hours.
What led to the 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 stance on Bitcoin, which could lead to a market rebound.