Crypto Market Plunges $500 Billion in Historic Three-Day Wipeout
In an unprecedented market event, the global cryptocurrency space saw over $500 billion wiped out in just three days, marking the largest sell-off in over a year. Major digital assets such as Bitcoin (BTC) and Ethereum (ETH) bore the brunt of the losses, with BTC down 10% and ETH plummeting by 18%. Solana (SOL), among the top 10 cryptocurrencies by market cap, experienced the steepest decline, losing over 30% of its value.
This sharp sell-off was triggered by multiple macroeconomic factors, including an unexpected interest rate hike from Japan's central bank, which rattled investor confidence across global markets. Additionally, concerns about potential recession risks in the United States exacerbated the downturn, leading to a broader risk-off sentiment across various asset classes, including cryptocurrencies.
Adding to the turmoil, market sentiment turned bearish after reports surfaced of Jump Crypto, a major trading firm, offloading large volumes of digital assets. Combined with the redemption of Bitcoin holdings by Mt. Gox creditors and rumors about the U.S. government liquidating its Bitcoin holdings, the cascading sell-off pushed the Crypto Fear & Greed Index into “fear” territory
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