NewsletterCrypto Market Crashes; Liquidation Breaches $220 Million
Crypto Crash News: The global digital asset market continued to register a further decline on Friday. The crypto market crash comes in after the U.S. Securities and Exchange Commission’s (SEC) latest crackdown on the industry. The cumulative crypto market cap has dropped by a massive 3.6% over the past 24 hours. However, it is still holding the crucial $1 trillion level.
Despite a decline in the crypto market cap, its 24 hour trading volume has spiked by 15% to stand at $74.1 billion.
Increased volatility in crypto market
As per the data, More than 83K traders have liquidated more than $220 million of funds from the crypto market in the last 24 hours. However, the largest single liquidation order of $4 million took place on the OKX crypto exchange.
Ethereum (ETH) turns out to be the biggest loser among the biggest crypto assets. ETH price dipped by over 5% in the last 24 hours. However, Ethereum seems to be leading the liquidation amid the recent declined traders’ sentiments. Data depicts that over $52.2 million have been liquidated just from ETH over the past day. Read More Crypto News Here….
However, traders went on to liquidate around $52 million from Bitcoin (BTC) in the last 24 hours. Bitcoin price has dropped by more than 3% to trade at $21,870, at the press time. However, its 24 hour trading volume is up by 4% to stand at $30 billion.
Is SEC responsible for the Crash?
The cumulative crypto cap saw a sharp decline after rumors went out that the U.S. SEC is in pursuit of getting rid of crypto staking. However, reports came out that Kraken reached out for a settlement with the US watchdog.
The troubled crypto exchange will allegedly require to end its operations related to staking digital assets. This decision formed up after a meeting meeting between Kraken and SEC commissioners behind the close doors.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
