$1 Billion Wiped Out of Crypto Market Amid Bitcoin & Ethereum Crash: What Happened?
The crypto market underwent a brutal crash during the late U.S. hours on Thursday, August 17, leaving investors reeling. A significant sell-off triggered a cascade of liquidations, wiping out billions in value and sending shockwaves through the digital asset space.
Bitcoin and Ethereum Lead the Downturn
Bitcoin and Ethereum, the two largest cryptocurrencies, led the downturn, creating lows around $25,100 and $1,550, respectively. This sudden price drop triggered widespread panic selling and further exacerbated the market's woes.
Over $1 Billion in Crypto Liquidations in 24 Hours
The crypto market crash led to over $1 billion in liquidations within 24 hours, with major cryptocurrencies like Bitcoin and Ether experiencing sharp declines due to a wave of forced selling. Crypto liquidations have soared past $1.09 billion in just 24 hours, with Bitcoin alone accounting for over $400 million. The speed and severity of the crash caught many traders off guard.
The Ripple Effect: $460 Billion Market Cap Lost
The market crash has wiped out $460 billion in total crypto market capitalization, impacting a wide range of altcoins and DeFi projects. Investors are now assessing the damage and strategizing for the future.
$11.6 Billion Bitcoin & Ethereum Options Expiry Looms
Amid this bloodbath, more is at risk if the crypto market crash continues. According to the Deribit exchange data, $11.6 billion in Bitcoin and Ethereum options expire today, adding further uncertainty to the market. This expiry could lead to increased volatility and potentially more downward pressure on prices.
What's Next for Crypto?
The long-term implications of this crash remain to be seen. Market analysts are closely monitoring the situation, and investors are urged to exercise caution and conduct thorough research before making any investment decisions. The future trajectory of Bitcoin, Ethereum, and the broader crypto market will depend on a variety of factors, including macroeconomic conditions, regulatory developments, and overall investor sentiment.