Crypto Market Crash Greatly Influences Bitcoin and Altcoin Sector, $915M Liquidated

The crypto market witnessed a huge catastrophe last night with most of the coins falling up to 25%. Bitcoin and Ethereum also saw a massive sell-off

The crypto market encountered a large sell-off on Thursday, with most coins losing up to 25% of their value. Bitcoin and Ethereum also saw a massive sell-off, decreasing a significant amount from their value in the recent 24 hours. This crypto crash coincided with the crash of the stock market, especially Japan's market falling a record 11%.

According to Coinglass, a well-known platform for trading crypto futures and concerning information, this enormous market crash has liquidated up to 214,066 traders. Data from the platform also discloses that the cumulative liquidations have reached a value of up to $915 million. The majority of these liquidations happened on long positions.

Keeping that in view, the biggest single liquidation took place on Huobi. In line with the statistics, Huobi reportedly experienced a liquidation of nearly $27 million in terms of the BTC-USD pair. The market data highlights that this event has influenced the whole crypto sector including Bitcoin as well as the altcoins.

The top losers in this respect take into account Bitcoin, Ethereum, Aave, Polygon, Algorand, Shiba Inu, and Ripple. The chief crypto token Bitcoin has gone through a plunge of up to 11.42% in the past twenty-four hours. As a result of this, the crypto token is currently changing hands at $53,600. In addition to this, the top altcoin ETH experienced a substantial dip of 20.20%. With this huge decline, the token’s price has now lowered to $2,314.72.

Another well-known altcoin Aave also saw a 20% slump. Due to this, Aave's price has reached $84.53. Moreover, the crypto market plunge has also impacted Polygon. The MATIC token of Polygon has reportedly recorded a 20.62% dip in its price. Because of that large slump, the token is currently trading at $0.3610. Additionally, Algorand's native token ALGO beheld a 16.23% price slump. This dip has placed the crypto token at $0.1012 in terms of price.

A popular meme token Shiba Inu has also witnessed the heat of the market crash. As per the market data, the SHIB token’s price has now reached $0.00001180 after a plunge of approximately 16.31%. The famous crypto exchange Ripple's XRP token also went through a 16.06% decline. With this, XRP's price has touched $0.4661.

One of the possible reasons behind this wider market crash takes into account the increasing tension within the Middle Eastern region. Along with that, the fears concerning a looming recession are also driving this huge market decline. Keeping in view the Coinglass data, the latest immense liquidations raise several concerns among the members of the crypto community.

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