2 November 2024
Crypto Market Wiped Off $230 Billion In A Day
Currently, there is a bloodbath in the Crypto market since today morning. The total market capitalization has dropped by 11% over the past 12 hours. The crash resulted in a loss of around $233 billion bringing the total market cap below $2 trillion for the first time since late September.
According to CoinGecko, in the past 12 hours, the Cryptocurrency market has plunged from $2.15 trillion to a four-month low of $1.92 trillion.
The Crypto “fear and greed” index is indicating an “extreme fear” level of 19 as market sentiment has turned bearish.
The leading Cryptocurrency, Bitcoin, has fallen to a loss of 7.1% over the past 24 hours. Currently, Bitcoin is trading at $38,937, the lowest since Aug 4, 2021.
Bitcoin dumped around $4,800 in a fall to an intraday. BTC has broken the support at the $40,000 range, and further losses are expected at this stage.
The second leading Crypto, Ethereum, has also slumped. The price of Ethereum has fallen to its lowest levels since Sept. 29, when it hit $2,809.
Many high-cap Crypto assets are into the bloodbath, leaving very few survivors. Binance, Cardano, Polkadot, and Avalanche have declined more than 9%.
While Solana, Dogecoin, Shiba Inu, and Polygon are witnessing a loss between 7%-9%.
Bitfinex’s LEO token is the only coin to survive in a Crypto crash with a gain of 2.7%.
Some of the Crypto industry observers claim that Russia’s proposed Crypto ban could be the reason behind the crash. Additionally, global stock markets have also been affected this week indicating that something bigger is at play.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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