The overall market cap of cryptocurrency assets dropped by nearly $300 billion in the last 24 hours.
$doge price dumped because people bought the story and sold the news… @elonmusk used comedy to shed light on the crypto world… SNL is comedy, not financial advice… seems to holding pre SNL levels rather well considering the massive pullback amongst almost all crypto… pic.twitter.com/QwqjGUClH0
— Crypto Crash (@Crypto_Crash) May 19, 2021
The cryptocurrency market cap dipped below $1.8 trillion on Wednesday after Bitcoin reached a low of $38,700. Which is its lowest level since February 2021. As of writing, BTC is trading near $39,000 with a market cap of approximately $730 billion. According to Coinmarketcap, the cryptocurrency market lost nearly 15% in the last 24 hours. Ethereum, the world’s second-largest cryptocurrency dipped below $3,000 and touched a low of $2,867 on 19 May. ETH now has a market cap of $340 billion.
Bitcoin is, for now, worst of all financial worlds https://t.co/hnxBy0I5xA pic.twitter.com/orNCx690Zh
— Reuters (@Reuters) May 19, 2021
My investment portfolio this morning #cryptocrash #cryptotrading pic.twitter.com/CgHNBomSaC
— Will (@iamwillb_) May 19, 2021
The latest crash in the cryptocurrency market has triggered massive liquidations. According to the latest liquidation data published by the crypto analytics firm, bybt.com. Nearly $1.5 billion worth of long crypto positions got liquidated in the last 24 hours. Bitcoin accounted for liquidation of approximately $800 million worth of long positions.
Bitcoin sinks to $38,000 as Elon Musk fueled rally disappears https://t.co/BtHUG6VIay via @crypto
— Bloomberg Crypto (@crypto) May 19, 2021
Ethereum came at the second spot with the liquidation of over $350 million. Worth of long positions. Bybt.com highlighted that more than 260,000 cryptocurrency traders got liquidated in the last 24 hours. The largest single liquidation of Ethereum happened on Bybit crypto exchange with a total value of over $12 million.
Cryptocurrency Dip:
Bitcoin Has Fallen More Than 50% From Its All-Time High—What’s Next? https://t.co/xDVzoD1kWe pic.twitter.com/RQqmX68fU8
— Forbes Crypto (@ForbesCrypto) May 19, 2021
The recent dip in the value of cryptocurrency assets came after Elon Musk thrashed Bitcoin and called BTC a highly centralized crypto. Last week, Tesla announced the suspension of Bitcoin payments. In a recent tweet, Musk said that large mining companies are controlling BTC.
The cryptocurrency market reacted negatively to his comments and the overall market cap of digital currencies lost approximately $500 billion in the last 7 days. Bitcoin and Ethereum have decreased by more than 30% within the last 7 days. Cryptocurrency assets like Binance Coin (BNB), Cardano (ADA), and Dogecoin (DOGE) are also down heavily today. BNB and DOGE remained the worst performing digital currencies among the top 5. BNB is down by nearly 20% while DOGE has lost 18% of its value in the last 24 hours. The overall market cap of digital currencies is currently hovering around $1.8 trillion, which is down from $2.3 trillion on 15 May.
Binance, Coinbase and a number of other cryptocurrency exchanges appear to have crashed or restricted trading amid a mass sell-off https://t.co/4iTFGBDJvJ
— Forbes Crypto (@ForbesCrypto) May 19, 2021
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