Global Cryptocurrency Market Cap Drops by Over 6%: $600 Million Liquidated in One Hour

Cryptocurrency Market Experiences Significant Decline, Wiping Out Gains

In a remarkable turn of events, the global cryptocurrency market cap has seen a substantial drop of over 6% in just one hour, plummeting to $1.63 trillion. This sudden meltdown has affected major exchanges, including Bitcoin, Ethereum, Solana, XRP, and Cardano, all of which have experienced a decline of over 6% within the same timeframe. Notably, Bitcoin’s prices have also taken a hit, plunging by 7% and falling below $41,000, completely erasing earlier gains.

Volatility Continues to Plague the Crypto Market, Resulting in $600 Million in Liquidations

Today alone, the cryptocurrency market has witnessed an astonishing $600 million in liquidations. Within a mere hour, long positions valued at over $561 million were liquidated, causing concern among crypto traders. As a result, approximately 176,000 traders have been forced to close down their positions. Notably, the largest liquidation order on Huobi’s BTCUSDT pair amounted to a staggering $14.26 million.

Matrixport Makes Bold Prediction, Sending Shockwaves Throughout the Crypto Industry

In a move that has stunned the entire crypto industry, Matrixport has made a bold forecast that has had far-reaching implications for Bitcoin and other exchanges. The company has predicted that the Securities and Exchange Commission (SEC) will reject all Bitcoin exchange-traded funds (ETFs) in January. This rejection could potentially trigger a sharp decline in Bitcoin’s value, causing it to plummet from $42,000 to $36,000.

Bitcoin’s Promising Start to the Year Hits a Roadblock

Bitcoin started the year with a bang, surpassing the $45,000 mark as speculation grew regarding the possibility of a spot ETF. However, recent developments have dampened the market sentiment, leading to a downturn. Despite this setback, the excitement surrounding ETFs among investors remains steadfast.

Tags:
Bitcoin ETF