Crypto Market Crash Enhances As BTC, ETH Record Double-Digit Losses

crypto market

The crypto market crash enhances as both BTC and ETH record double-digit losses and other cryptocurrencies lose huge chunks of their value so let’s read more today in our cryptocurrency latest news.

The crypto market crash enhances and started on Friday shows no signs of stopping with all of the top 20 cryptocurrencies by market cap aside from the stablecoins, posted double-digit losses over the past 24 hours. At the time of publishing, Bitcoin was down by 18% over the past day and it is now trading at around $46,600 per CoinGecko. ETH is down over 15% and traded around $3870 while DOT became the biggest loser from the top 10 cryptocurrencies as it dropped by over 24%.

Cryptocurrency Market Overview. Source Quantify Crypto

Since hitting a new all-time high above $69,000, BTC tumbled by 32% and the crash managed to delete over a billion dollars from the total market cap of all cryptocurrencies that dropped by 16% in the past day to over $2.3 trillion. A month ago, BTC hit a new high with the total market cap peaking over $3 trillion. Crypto prices moved hand in hand with a slump on the stock market. The Nasdaq ended Friday down by 2% with the tech stocks dropping thanks to the renewed economic uncertainty due to the latest OMICRON covid variant that spread around the world. There’s also a rising expectation that the Federal Reserve will raise the interest rates and will only bring higher inflation.

BTCUSD Bitstamp. Source TradingView

In the meantime, in China as the chair of embattled property giant Evergrande was summoned by the Guangdong government when the company said there’s no guarantee that it will have the needed funds to meet the debt repayments. The government announced that it will by Evergrande’s request, send a team of officials to work on a new plan for the offshore debt.

As recently reported, It seems that crypto was on sale the day after Thanksgiving but today it looks even worse for crypto investors. Bitcoin dropped more than 7% in the past day and ethereum crashed by 8%. Solana surprisingly crashed by 11% despite its surging the past few weeks and the global crypto market cap dropped by nearly 7%. Only two coins in the top 20 managed to stay in the green and one is terra that increased 4% in the past day and Polygon got a boost by 2%.

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