Recent market downturn led to billion-dollar liquidations and sharp decreases in key cryptocurrency values.
Massive Market Liquidations
According to CoinGlass, approximately 222,235 traders were liquidated due to market uncertainty, resulting in $801.30 million worth of cryptocurrency liquidations. The largest single liquidation order occurred on BitMEX.
Fall in Top Asset Values
Top crypto assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) have lost over 9%, 15%, 18%, and 20% of their value, respectively, in the last 24 hours, according to CoinMarketCap.
Increased Trading Volume Amid Decline
After a 9% price drop, Bitcoin is now trading near $85,410, which has led to a 30% increase in trading volume, indicating heightened participation from traders and investors.
The recent downturn in the crypto market has highlighted its volatility and risk, resulting in significant financial consequences for investors.
