Just a few hours before the time of this writing, the global crypto market had dropped below one trillion dollars. First time in more than a year the industry’s worth has fallen below this figure.
Although the industry is now in a negative market, this proves that it is. The inability of most cryptocurrencies to rise has had a significant influence on the value of the industry under discussion.
One surge is the most valuable coin in terms of market capitalization. More than 11% of the value of a single Bitcoin was lost when it fell below $23k. As a result of the decline, the company’s market share also fell. Ethereum is the latest project to be hit by a negative trend.
Over the previous seven days, the asset’s value has dropped by more than 20%. There is a ripple effect in the derivative market as more traders are gaining REKT every second. The liquidation data is a strong indicator of this impact.
As of this writing, more than $982 million has been recouped from investors. More than 40% of REKT’s capital comes from the sale of BTC. Investors in Ether lost more than $370 million as a result of Ether’s demise.
More than 60% of the lost money comes from long positions, which is a noteworthy fact to keep in mind. As the market continues to move downward, these numbers will rise. More people are afraid as a consequence of this.
The crypto market mood is understandably pessimistic, which comes as no surprise. The Fear and Greed Index has fallen to its lowest level in the previous 30 days as a result of this emotion. Fear, mistrust, and uncertainty are clearly on the rise in the market as a result of this development.