Cryptocurrency market cap fell below $ 1.8 trillion on Friday after the recent crash of Bitcoin and other digital assets. Bitcoin fell below $ 49,000 today for the first time since March 7, 2021.
According to the latest status Data The total value of cryptocurrency assets published by Coinmarketcap has declined more than $ 250 billion in the past 24 hours. At the time of writing, the total market cap of cryptocurrencies is around $ 1.76 trillion.
The recent crash in Bitcoin and other cryptocurrency assets has created massive triggers Liquidations via various digital exchanges. According to the latest data from the crypto analytics platform Bybt.com, around 580,000 cryptocurrency traders have been liquidated in the past 24 hours. The largest single liquidation was reported on Huobi.
Bybt.com mentioned that long cryptocurrency positions worth approximately $ 3.1 billion were liquidated in a single day. Bitcoin accounted for liquidations of long positions valued at nearly $ 1.2 billion, followed by Ethereum, XRP and Dogecoin (DOGE).
The market capitalization for cryptocurrencies has grown significantly this year as the total value of digital currencies has risen from around $ 750 billion to $ 2.2 trillion in the past 15 weeks.
The recent crash in digital currencies has accelerated the network activity of crypto whales. According to the latest data from Whale Alert, a blockchain tracking and analysis company, cryptocurrency whales have started moving their digital assets in large quantities as digital currencies are very volatile. Whale Alert highlighted a Move of 3,002 Bitcoin to an unknown wallet on April 23 at 1:48 UTC. The total value of the transaction is approximately $ 150 million. The blockchain tracking firm also mentioned moving 100,000 Ethereum (ETH) worth nearly $ 230 million into an unknown cryptocurrency wallet.
The general volatility in the crypto market has increased significantly in the past 24 hours. Cryptocurrency assets like Dogecoin (DOGE) and XRP have lost more than 20% in the past few hours. In addition, Binance Coin (BNB), Litecoin (LTC) and Cardano (ADA) are down more than 10%.