Over $170 billion from the entire crypto market have been wiped out as Bitcoin continues plunging. The world’s largest cryptocurrency by market cap has dropped down to more than 12% in a one-week low, falling as far as $33,447- its lowest since Jan. 6. Meanwhile, Ethereum has fallen as much as 20% to a one-week low of $1,000. Crypto analysts are suggesting that investors are increasingly panicking on the crypto market’s latest price action.
Crypto Market Wipes off Nearly $170 Billion
The past 12 hours have been quite stressful on the cryptocurrency market. Bitcoin, as well as other cryptocurrencies, went through a massive correction resulting in almost $1.3 billion liquidations.
Data shows that almost $800 million in both long and short positions were liquidated in the past 12 hours alone. Statistics show that this seems to go up to $1.45 billion on a 24-hour scale.
Bitcoin, the largest cryptocurrency, has fallen over 11% from a day earlier. Ether, the second-largest, was down around 15% to $1,126.72. The huge sell-off comes amid investors taking the opportunity to cash out large amounts of profits.
As per data from CoinMarketCap, the cryptocurrency market is currently at $906 billion. A day earlier it was more than $1.1 trillion.
Bitcoin Tumbles down
Bitcoin’s recent booming actions have been mostly attributed to the increased interest of institutional pumping up their Bitcoin bags. The cryptocurrency was laden as a potential haven asset and a hedge against inflation amid the recent economic turmoil.
Although, after spiking at $42,000, BTC started tumbling down over the end of the week. This resulted in strong decline of the cryptocurrency from the $40,000 region to as low as $33,00 on some exchanges.
Over the previous week, Bitcoin was trading at $41,000, while swinging between $39,600 and $41,500. However, its price starting tanking two days back from $41,000 to about $38,900. The price of the cryptocurrency fell from $39,800 down to $37,000 and ultimately dropping down to $33,207 at the time of publication.