Crypto markets are poised to wrap up the week with deep losses, led by declines in Bitcoin and Ethereum. The total crypto market cap has crashed at least 5% during the past day. The downturn has indeed resulted in great liquidations very painful to leveraged traders and bears.
The total crypto market cap has lost 4.7% since our last report, to $3.84 trillion. BTC loss contributed $155 million of this drop and ETH loss came to $126 million. Bitcoin dumped as low as $115,200 during the day’s trading, a nearly 3% drop compared to Tuesday’s closing price in 24 hour timeframes.
To counteract the overall bearish developments, ETH and XRP finished in the green, gaining between 0.5% during the same timeframe. Overall, the rest of the top 100 digital assets posted declines.
There were some notable bright spots amidst the overall downturn. Ethena (ENA) has pumped by 13%, Cronos (CRO) is up by 5.3%, and Curve (CRV) is up by 4.7%. These fundamental gains provide a bit of bright news during the across-the-board market crash.
This market volatility in one day alone caused nearly 143,000 leveraged traders to be liquidated, totaling $528 million in the last 24 hours. This event once again underscores the dangers of leveraged trading in the extreme volatile crypto market. In other related news, one crypto firm withdrew $370 million in USDT stablecoins from all major exchanges. They zeroed in on exchanges such as Binance, Bybit and OKX.
In a bright spot, Bitcoin ETFs broke a three-day streak of outflows to bring in $226 million in inflows. One week after receiving a mysterious transfer of over 40,000 BTC from an unknown Bitcoin whale, these transfers were initiated by the firm. At the time, the BTC was worth an astounding $4.6 billion.
