$60B Wiped off Crypto Market as Bitcoin, Ethereum Tumble to New Lows

$60B Wiped off Crypto Market as Bitcoin, Ethereum Tumble to New Lows

In early trading hours on June 18, two flagship digital assets, bitcoin and ethereum, plunged more than 8 percent, pushing their prices below a dreaded $20,000 and $1,000, respectively.

This huge drop has forced many liquidations in the industry. According to Coinglass data, the industry has liquidated more than $271 million in the past 24 hours.

In addition to this, data from Coingecko shows that the industry lost more than $60 billion in the carnage. According to the data, the industry’s market capitalization has fallen by more than 6% in the past 24 hours to around $878 billion.

Interestingly, the last time Bitcoin and Ethereum prices fell this low was in 2020. It was also the first time the asset traded below the peak price of its previous bull market.


Altcoins are also in the red

Other top 10 digital assets such as Dogecoin, BNB, Cardano, Solana and Polkadot also lost an average of 7% of their value in the past 24 hours.

Speaking of this bear market, Binance CEO Changpeng Zhao said that the crypto industry typically operates on a four-year cycle — a two-year bull market and a two-year bear market, suggesting that this rut ​​could continue for some time. although.

explain the crash

The crypto industry has faced intense scrutiny in recent weeks since the Terra ecosystem collapsed, coupled with the space having to deal with a global recession that has led to skyrocketing inflation, a global pandemic, and other factors such as Russia’s incursion into Ukraine.

All of this combined affects the world economy in general, which is more telling for the cryptocurrency industry.

At the same time, the crypto industry has had to deal with the contagion caused by the collapse of Terra. Companies like Celsius, Three Arrows, Babel Finance and several other top cryptocurrency companies have been facing solvency issues, which has sparked more concerns in the industry.

Also, due to the current market situation, cryptocurrency exchanges such as Coinbase, Gemini, Crypto.com have had to downsize.

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