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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