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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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