The overall cryptocurrency market cap dropped below $1.8 trillion on Wednesday after Bitcoin reached a low of $38,700, its lowest level since February 20211. At the time of writing, Bitcoin is trading at $39,219 with a market cap of approximately $730 billion. According to Coinmarketcap, the cryptocurrency market lost nearly 15% in the last 24 hours. Ethereum, the world’s second-largest cryptocurrency, dipped below $3,000 and touched a low of $2,867.
$1.5 billion worth of long crypto positions got liquidated in the last 24 hours.
The crash in the crypto market has triggered massive liquidations. According to the latest liquidation data published by crypto analytics firm bybt.com, nearly $1.5 billion worth of long crypto positions were liquidated in the last 24 hours. Bitcoin accounted for liquidation of approximately $800 million worth of long positions. Ethereum came at the second spot with the liquidation of over $350 million worth of long positions. ETH now has a market cap of $340 billion. According to bybt.com, more than 260,000 cryptocurrency traders got liquidated in the last 24 hours.
Elon Musk continues to comment on cryptocurrencies.
The recent dip in the value of cryptocurrency assets came after Elon Musk thrashed Bitcoin and called BTC a highly centralized cryptocurrency. Earlier, Tesla announced to discontinue Bitcoin payments for its electric vehicles. Musk said that the leading cryptocurrency bitcoin is heavily centralized and controlled by large mining companies in a recent tweet. The cryptocurrency market reacted negatively to his tweets, and the overall market cap of digital currencies lost approximately $500 billion during the last seven days. Bitcoin and Ethereum are down by more than 30% within a week. Altcoins like Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE) are also down heavily today. BNB and DOGE remained the worst performing digital currencies among the top 5.
