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

Crypto Market Loses $60 Billion; Bitcoin Crash Under $20K; What’s Happening? WikiBit 2023-03-10 17:45

According to data from WikiBIT, Bitcoin, the largest cryptocurrency in the world, experienced a liquidation worth $120 million amid the ongoing crypto market crash.

On Friday, the digital asset market worldwide experienced a significant sell-off as concerns mounted about the prospects of US-based banks that support cryptocurrencies. The collective market capitalization of the crypto market has plummeted by 7%, shedding over $60 billion in the past 24 hours, bringing it down to $930 billion.

Liquidation Breaches $300 Mln

According to WikiBIT data, the crypto market has seen liquidations totaling $308 million in the last 24 hours. The largest single liquidation order, worth $9.49 million, occurred on the Bitmex exchange. Meanwhile, Binance recorded liquidations of approximately $106 million over the same period, with OKX exchange following closely behind with $74 million in liquidations.

According to data, Bitcoin, the largest cryptocurrency in the world, experienced a liquidation of $120 million in the past 24 hours. During the same time frame, the price of Bitcoin plummeted by a significant 8%, and it is currently trading at an average price of $19,988 as of the time of writing.

In the past day, the price of Ethereum also decreased by more than 7%, and it experienced a liquidation of $75 million during the same period. As of the time of writing, Ethereum is trading at an average price of $1,421.

Why Crypto Market Is Crashing?

According to reports, the total market capitalization of US stocks and the digital asset market has plummeted by approximately $2 trillion within the past 24 hours. This massive loss was triggered by Silicon Valley Bank's inability to assure its clients about the safety of their funds, resulting in a significant 60% decline in its stocks.

This unfortunate event has led to a major sell-off in both the stock and digital asset markets, with the stock market's future reaching a two-month low and the price of Bitcoin dropping below the critical $20K threshold. In the event of SVB's collapse, it would be the second-largest bank failure in US history, thereby raising a red flag for the trading markets.

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Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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