The crypto market suffered heavy losses in the early hours of Friday with many traders liquidated as the flagship crypto dipped below the $50,000 price levels.
In the cryptoverse hundreds of billions of dollars were virtually wiped off in value as the global crypto market lost about $300 billion, trading at $1.77 trillion, a 12.29% decrease over the last day.
As traders panicked, the world’s most popular crypto rout deepened, dropping below the $50,000 level to $48,400, its lowest levels in about seven weeks. Ethereum, the leading altcoin plunged as much as 10% before steadying at about 7% to trade at $2,240.65 on the FTX exchange.
READ: Crypto Armageddon: Over $200 billion wiped off in the Crypto market
For the day about 582,578 crypto investors were liquidated. The largest single liquidation order happened on Huobi-BTC valued at $11.28 million.
For Bitcoin, this is the biggest percentage loss since early January.
The spiral fall in play at the flagship crypto market pushed its market value below $1 trillion or 51.45% of the total cryptocurrency market value. At its highest, Bitcoin’s market cap was $1,184 trillion.
Amid the recent price correction, crypto pundits argue that the ever-changing crypto market was still in a long-term bull market, though in the near term, a market correction was long overdue since the market is over-heated among retail investors.
READ: Why Bitcoin might likely hit $100,000 soon
Other Crypto assets were also experiencing sharp sells with XRP, Polkadot, Cardano, BNB, EOS all suffering significant losses.
Tax concerns may be weighing hard on the crypto- verse with reports showing U.S. investors in the Crypto market already face a capital gains tax if they sell the Crypto after holding it for more than a year.
It’s fair to note that the crypto market is very volatile and some crypto experts are pointing out that it could be in a bubble considering that Bitcoin and Ethereum have recorded gains of over 700% respectively within a very short span.
Hi Ugo, could this be one of the best time to buy?
yes
Very interesting reading thanks
Nice update.
I have been follow and getting news about the crypto market like bitcoin,dogecoin and the rest and I do read that people make lots of money. Mining or trading the market.
For me that have not trade, how do I start trading and make money in the crypto market.
Thanks.
Can you help me to buy crypto
il sert a quoi ?
Olumide please are these paper losses please just like @ the Stock markets too?