$60B Wiped off Crypto Market as Bitcoin, Ethereum Tumble to New Lows

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In the ear­ly trad­ing hours of June 18, the two flag­ship dig­i­tal assets, Bit­coin and Ethereum, crashed by over 8%, respec­tive­ly, push­ing their price below the dread­ed $20k and $1k level.

This mas­sive decline has forced many liq­ui­da­tions in the indus­try. Accord­ing to data from Coin­glass, the indus­try has seen over $271 mil­lion liq­ui­dat­ed in the last 24 hours. 

Apart from that, data from Coingecko shows that the indus­try has lost over $60 bil­lion in the blood­bath. Per the data, the industry’s mar­ket cap has declined by over 6% in the last 24 hours to around $878 billion.

Inter­est­ing­ly, the last time Bit­coin and Ethereum val­ues trad­ed this low was 2020. This is also the first time that the assets are trad­ing below the peak price of their pre­vi­ous bull run.

Altcoins also see losses 

Oth­er top ten dig­i­tal assets like Doge­coin, BNB, Car­dano, Solana, and Polka­dot also lost an aver­age of 7% of their val­ues with­in the last 24 hours.

Binance CEO Chang­peng Zhao, while speak­ing about this bear run, said that the cryp­to indus­try usu­al­ly oper­ates in a four-year cycle ‑two years of a bull run and two years of a bear mar­ket, an indi­ca­tion that this rut could be around for a while.

Explaining the Crash

The cryp­to indus­try in recent weeks has faced intense scruti­ny since the crash of the Ter­ra ecosys­tem, cou­pled with the fact that the space has had to deal with a glob­al reces­sion that has led to a fly­ing infla­tion rate, a glob­al pan­dem­ic along­side oth­er fac­tors like Russia’s inva­sion of Ukraine.

All of this put togeth­er has affect­ed the econ­o­my of the world gen­er­al­ly, and it is more telling on the cryp­to industry.

Mean­while, the cryp­to indus­try has also had to deal with the con­ta­gion caused by Terra’s crash. Top cryp­to com­pa­nies like Cel­sius, Three Arrows, Babel Finance, and sev­er­al oth­ers have been facing sol­ven­cy issues, caus­ing more fears in the industry.

Also, cryp­to exchanges like Coin­base, Gem­i­ni, Crypto.com, and oth­ers have had to down­size due to the cur­rent mar­ket situation.

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Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.



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