Why Crypto Market is Crashing Today?

The cryptocurrency market is down today as a result of negative publicity surrounding Silvergate Bank and a lawsuit brought by US regulators against KuCoin.

[{"selector":"#anim-c019d5a3-cf86-4fe1-96c3-58ab644652a2","keyframes":{"transform":["rotate(-360deg) translate3d(-114.45784%, 0px, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9a665a89-faf6-4950-80ce-bbc6bf691ba5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3d5356e4-75bf-4c79-af4c-874696613dd2","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Higher interest rate fears may have led traders to sell assets, and upcoming US jobs data may have added to bearish sentiment.

[{"selector":"#anim-ff45be04-38e2-4e97-8748-4eecb9272542","keyframes":{"transform":["rotate(-360deg) translate3d(-114.90684%, 0px, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6f71e503-5862-4a25-83a8-8b8c0b13783a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-69909cf9-33ce-41f5-a9e9-077499077e84","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The global crypto market cap dropped below $1 trillion with Bitcoin Price Dropping below $20k.

[{"selector":"#anim-ac92903b-61bc-4c1f-a75f-0b8529f6ac53","keyframes":{"transform":["rotate(-360deg) translate3d(-118.4127%, 0px, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ad2f4816-8cf4-4f1d-9caa-a6ccbe5aef72","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4101252c-ec29-40ae-8b4d-e4c86104d520","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

According to data from Coinglass, bitcoin traders suffered the most losses, almost $112 million in the last day, while ether liquidations exceeded $73 million.

[{"selector":"#anim-ec012fad-9b60-493a-b4be-132276ae48a6","keyframes":{"transform":["rotate(-360deg) translate3d(-114.20119%, 0px, 0) rotate(360deg)","rotate(-360deg) translate3d(0px, 0px, 0) rotate(360deg)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-67cfa1bf-567d-48df-8ecb-5697e11e8a63","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9e1819a8-f3a1-4888-b604-6283b0c4607c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]