The total crypto market cap slipped more than 8 percent in the past 24 hours to hover around $2.09 trillion on Friday, during the early European session. In four weeks, the cryptocurrency market dropped by about $600 billion in valuation, led by Bitcoin (BTC).
According to the latest crypto market data as of this report, Bitcoin price dropped by nearly 9 percent in the past 24 hours to trade at about $54k.
Heavy Crypto Liquidations
Following the ongoing crypto selloff, nearly $700 million was liquidated from the crypto derivatives trading in the past 24 hours, with the majority involving long traders. According to on-chain data provided by PerkShield, a whale has been liquidated around 173,230 Ether, worth about $10.7 million.
Several other crypto whales were also forced into liquidations following the sudden Bitcoin-led dump.
Top Reasons For the Crypto Crash
The cryptocurrency market has been responding to several negative events in the past few days. As the US Fed signaled further economic uncertainties, the UK’s top leadership has also changed as the Labor Party won the majority.
The crypto industry has been reacting to the ongoing whale sell-offs triggered by the German government, which currently holds around 40k Bitcoins. According to on-chain data analysis, Bitcoin whales have offloaded more than 30k BTCs in the last month.
Already, the demand for the United States-based spot Bitcoin ETFs has been on the decline in the last few weeks. Meanwhile, After more than a decade, Mt.Gox has begun the distribution of more than 100k Bitcoins, worth more than $7 billion to the customers.
What Next?
The cryptocurrency market has been trapped in a bearish outlook in the past month, and the trend is likely to continue in the coming weeks. However, some crypto analysts have compared the 2024 bull cycle with the 2017 one, which was characterized by several corrections of between 25-40 percent.
While the crypto trend might continue in a bearish outlook ahead, Santiment noted that bold traders could significantly benefit from the current situation of crowd anger and frustration.
Read More About This: Mt. Gox Moves 47,229 Bitcoin: Will the Crypto Market Face a Massive Sell-Off?
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