The total cryptocurrency market cap has plunged by more than 8 percent in the past 24 hours, settling around $2.09 trillion as of Friday morning in Europe. Over the last four weeks, the market has shed approximately $600 billion in value, primarily driven by Bitcoin’s (BTC) downturn.
As per the latest market data, Bitcoin’s price has plummeted nearly 9 percent in the last 24 hours, trading around $54,000. This ongoing sell-off has resulted in the liquidation of nearly $700 million from crypto derivatives trading, with the majority of losses incurred by long traders.
On-chain data from PeckShield reveals that a whale was liquidated for about 173,230 Ether, worth approximately $10.7 million.
Several other crypto whales have faced liquidations following Bitcoin’s sudden drop. These forced sales have increased the market decline, causing widespread concern among investors.
The recent crypto crash can be attributed to multiple negative events:
The cryptocurrency market has been stuck in a bearish trend over the past month, and this trend seems likely to persist. However, some analysts are drawing parallels between the current cycle and the 2017 bull run, which saw several corrections ranging from 25 to 40 percent.
Despite the prevailing bearish sentiment, market analysis firm Santiment suggests that bold traders could capitalize on the current atmosphere of crowd anger and frustration. While caution is advised, there may be significant opportunities for those willing to navigate the turbulent market conditions.
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