An Unforeseen Event Produces a “Total Collapse” of Crypto

An Unforeseen Event Produces a "Total Collapse" of Crypto
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Bitcoin price hit a three-week low in the past 24 hours and Ethereum fell by over 6%.

value of main crypto Involved Bitcoin and ether, crashed on Friday morning, a week-long rally and pLoss of tens of billions in value in a matter of minutes. The price of bitcoin, the most valuable cryptocurrency by market cap, accounting for more than 38% of the total market, fell to around $21,804 on Friday morning, At least three weeks and 7% less than the previous day.

A significant part of the decline took place amid sharp selling, the reason for which is not clear. etherThe second most valuable cryptocurrency also fell sharply, down more than 6% over the past 24 hours at $1,730.

Other major coins that saw similarly sharp declines include Binance’s BNB (7%), Ripple’s XRP (9%), Cardano’s Ada (13%) and Solana’s Sol (12%). Popular dog-inspired assets, Dogecoin and Shiba Inu, are down 14% and 13%, respectively, during the same period.

However, there has been a slight improvement in some properties. Equities have generally remained depressed around the fall after the sell-off.

$1.09 billion. According to CoinGecko, that’s what the cryptocurrency market is worth. The market cap, which is down more than 6% in the past 24 hours, is a long way from its all-time high of more than $3 trillion at the end of 2021.

Most of the major cryptocurrencies are still suffering from a market-wide crash that has wiped out nearly $2 trillion in market value since the end of 2021. Record inflation and fears of a recession have helped push the market down. crypto winter.

Bitcoin is down nearly 70% from its all-time high of around $69,000 in November 2021 after Terra’s Luna, a stablecoin designed to be less volatile than other cryptocurrencies, went into freefall and crashed , major crypto lender Celsius has hundi and alliance companies. The industry has laid off thousands of workers.

*With information from Forbes US.