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Bitcoin Witnesses 10% Tumble As Market Crash Intensifies

Crypto Exchanges Face Outages as Bitcoin moves to fresh highs

The crypto markets are an insane place, really. A testament to this would be the ongoing market crash affecting all the major currencies. On Friday, Bitcoin just up and lost 10% of its value, primarily thanks to retail traders getting spooked and selling off $100 billion within the crypto market.

At the time of writing, a Bitcoin is trading hands at $45,590. The market cap of the world’s biggest asset has tumbled harshly from its $1 trillion milestones, only being valued at around $850 billion, now.

Liquidations Running Rampant

These past five days have served as a harsh reminder to many traders just how volatile the crypto space really is. Just as easily as it can soar, it can nosedive as well. $400 million in value was lost within this time, just as easily as it managed to gain it in the past.

The crypto space managed to garner a total market cap of $1.75 trillion in total, a new all-time high, back on Saturday. This happened thanks to the two biggest players, Bitcoin and Ethereum, recording all new highs of their own. Now, the crypto space has reached a new low of $1.37 trillion. Undoubtedly this entire cycle will renew itself in time.

Bybt stands as a crypto analytics firm, and published data regarding liquidations across the past 24 hours. According to Bybt’s data, about $900 million in crypto long positions were forced to liquidate during this time, with both Ethereum and Bitcoin suffering massive losses. In terms of crypto trader volumes, it’s published that around 142,000 crypto traders were forced to liquidate thanks to this market crash.

Institutional Players Okay With Losing During “Healthy Correction”

Not even the news regarding the growing levels of institutional adoption saved the world’s crypto from this ongoing downtrend, which has lasted for close to a week at this point. Earlier this week, Microstrategy, the firm that gained massive significance thanks to its crypto investments, apparently decided that this was just an opportunity. The firm announced earlier this week that it bought even more Bitcoin, over $1 billion in BTC.

As is the case with the previous market dips, institutional players are declaring this big crash as a “healthy correction”, and those that unwittingly bought at the top and lost significant portions of their investments will undoubtedly agree. The institutions declared this to be a prime opportunity for users to increase their holdings since crypto is at a low, now.

Volatility Is The Name Of The Game

This all comes amid a shroud of worry regarding the massive levels of volatility and the ever-squeezing diminishing of supply. Bitcoin’s a prime example. In less than a week, $200 billion of its market cap has simply ceased to exist. That being said, it’s still the top dog, boasting 61.7% market dominance.

Throughout the past five days, however, Ethereum saw itself lose 25% of its value within this same time frame, making it the worst-performing top asset in this “Healthy correction”.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.