This Wednesday, the crypto market cap went under $1.87 trillion. The catalyst was Bitcoin’s price decline to $38 700, its lowest value since February of this year. The overall cryptocurrency market loss is around 15 percent in some 24 hors, as indicated by Coinmarketcap. Ethereum was also involved, as it went below $3000.
The crash in the market resulted in the liquidation of massive scales. Bybt.com, a crypto analytic firm, disclosed a report in which the company revealed that some $1.5 billion worth of long positions were liquidated in the past 24 hours alone.
Around $800 million worth of long positions were accounted for by BTC alone, while Ethereum followed with $350 million worth of liquidated positions. In the last 24 hours, more than 260 000 traders got liquidated, according to Bybt.com.
One of the main reasons why the crypto market industry came to crash was Elon Musk’s comment on BTC. The multi-billionaire called Bitocin a highly centralized currency, and that big crypto mining companies are essentially controlling the BTC industry. Moreover, Tesla will be suspending all BTC payments.
Currently, BTC is trading at $39 000. Its market cap is at $730 billion, while ETH’s is at $340 billion.
