Why is Crypto Market Crashing Badly?
The total crypto market cap fell over 8% in the past 24 hours to around $2.09 trillion. Bitcoin's price dropped nearly 9% to about $54k. Approximately $700 million was liquidated from crypto derivatives trading, with significant losses for long traders. A whale liquidated around 173,230 Ether, worth about $10.7 million.
**Top Reasons For the Crypto Crash**
Negative events like US Fed uncertainties, UK political changes, and German government whale sell-offs have impacted the market. The German government holds around 40k Bitcoins, and Bitcoin whales have offloaded over 30k BTC in the last month. The demand for US-based spot Bitcoin ETFs has declined. Mt. Gox has begun distributing over 100k Bitcoins, worth more than $7 billion, to customers.
**What Next?**
The market remains bearish and may continue this trend. Some analysts compare the 2024 cycle to 2017, marked by corrections of 25-40%. Santiment noted that bold traders could benefit from current market frustration.
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