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Crypto Market Loses $60 Billion; Bitcoin Crash Under $20K; What’s Happening?

As per the Coinglass data, Bitcoin, the world’s largest crypto suffered a liquidation of $120 million as the crypto crash continues.
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Crypto Market Loses $60 Billion; Bitcoin Crash Under $20K; What’s Happening?

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.

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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.

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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.

EOS Parent Block.One Books $83 Million Loss on Silvergate Equity Position| Read More Here

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

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