Friday evening saw cryptocurrency markets crash dramatically; this pattern repeated the following day. Markets around the globe have collapsed, wi
Friday evening saw cryptocurrency markets crash dramatically; this pattern repeated the following day.
Markets around the globe have collapsed, wiping out an additional $200 billion from global financial systems. Total liquidations have reached $700 million after recording $900 million in liquidations activity just an hour ago.
Until Friday evening, everything had gone as expected for Bitcoin; its price had remained within an acceptable range of $70,000-71,000. But that all changed after recent US Federal speeches didn’t signal any substantial shifts to their monetary policy about interest rate reduction.
Within mere moments, BTC fell by five to six grand, was revalued to $65,000, and liquidation losses from over 300,000 traders totaled close to $900 million.
Even though the market crash had devastating repercussions for other asset classes, such as Wall Street and gold, its main effect has been felt solely within crypto, an open market with never-ending trading activity.
Bitcoin had recently made some progress and traded at around $67,000, but within hours had plummeted again to an all-week low of $61,000.
Altcoins continue to erode, with double-digit price losses seen among almost all currencies, such as SOL, XRP, BNB, DOGE, SHIB, and AVAX,
Crypto market capitalization has decreased by over $200 billion since Friday morning and now exceeds $400 billion.
According to Coin Glass, price volatility has resulted in the loss of 220,000 traders over the last 24 hours, totaling an estimated loss of positions worth $800 million.
Due to increasing tensions between Israel and Iran, it appears that the most recent price crash has finally materialized.
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