The world’s largest cryptocurrency, bitcoin, lost around 10% of its value on Friday after the panic among retail traders triggered a $100 billion sell-off in the crypto market. As of writing, BTC is changing hands at $46,000 with a total market cap of $850 billion. The entire cryptocurrency market lost nearly $400 billion during the last five days.
The crypto market reached a low of $1.37 trillion.
The market cap of all cryptocurrencies reached an all-time high of $1.75 trillion on Saturday after Bitcoin and Ethereum registered record highs. The crypto market reached a low of $1.37 trillion on Friday after a sharp drop. According to the latest data published by crypto analytics firm Bybt.com, nearly $900 million worth of long cryptocurrency positions got liquidated in the last 24 hours as Bitcoin and Ethereum lost nearly 10% of their values in a single day. Approximately 142,000 crypto traders were liquidated during the last 24 hours. However, bitcoin is still nearly 60% up this year so far.
The crypto market remains in a downtrend this week.
Despite the positive news regarding the institutional adoption of Bitcoin and other digital currencies, the crypto market remained in a downtrend during the last five days. MicroStrategy, the world’s largest business intelligence firm, announced earlier this week that the company had purchased more than $1 billion worth of Bitcoin to increase its BTC holdings. As reported earlier, major institutional holders termed the recent downtrend as a healthy correction for the cryptocurrency market and an opportunity for new traders to enter the market, but the high volatility and limited liquidity have raised concerns about the overall growth of cryptocurrencies. Regulators all over the world have also shown concern about the recent massive winning rally of crypto.