Crypto Market Continues to Crash.....
The sell-off in the crypto market continues. Bitcoin and Co. are trading deep in the red.
The sell-off in Bitcoin and Co. continues. Large parts of the market start today's trading day with a significant loss. The total market capitalization fell by 8.3 percent over the day.
Bitcoin lost almost 8 percent in value over the past 24 hours. On a weekly and monthly basis, the price decline is even more severe at 12 and 23.5 percent, respectively.
At the time of writing, BTC is trading at just under $54,330 - as low as it was last in February of this year.
The sell-off is most noticeable in the altcoin sector. The Ethereum price has to accept a minus of almost 11 percent.
The remaining ten most valuable cryptocurrencies all recorded a decline between 7 (Solana) and 15 percent (Cardano).
Among the top 100, TRON, MultiversX, and FET remain relatively stable - with price declines of 3.8 to 6 percent.
Even memecoins are not spared from the strong sell-off. The market capitalization of the sector fell by 23.3 percent. Especially the BASE memecoin Brett had to take a big hit. The market sentiment has significantly darkened. The Fear and Greed Index is currently at 29 points, indicating "Fear" 😨.
Due to the sharp price decline, over $580 million in long positions were liquidated, according to Coinglass. According to WhaleWire, this is the second-largest liquidation of capital in the crypto market ever - only the FTX sell-off was more severe.
The reason for the sell-off can be attributed to several factors.
Firstly, there are the payouts from Mt. Gox to affected parties. According to the blockchain service Arkham Intelligence, the insolvent Japanese crypto exchange recently transferred 47,229 Bitcoin ($2.7 billion) from a cold wallet.
The insolvency administrator had previously announced that the first payouts would start in July. Mt. Gox owes its creditors Bitcoin worth over $8 billion in total.
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