Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin

The prevailing market volatility at the crypto market led to heavy losses of global investors’ funds when roughly $70 billion worth of crypto positions evaporated into thin air within a day.

The downward trend gained momentum immediately after the flagship crypto touched below the $45,000 value amid several large sell orders placed around that price.

Crypto pundits alike breathed a sigh of relief during the week when Bitcoin managed to retake $50,000 — with some proclaiming that the asset had experienced “healthy correction.” But this narrative proved shaky when BTC plunged yet again on Friday to lows of $44,500. Other top Crypto assets including Ethereum, Litecoin were down more than 8%.

It’s key to note that most crypto assets are  often volatile because of their high use for financial gain and speculating advantages used by global investors and crypto traders.

As such, individuals and hedge funds sell and buy Bitcoin as they wouldn’t do for any other financial asset (stocks, bonds) with regulatory limitations.

The Crypto market had suddenly become overheated and record sell-offs began leading traders to lose about $2 billion.

• The global crypto market cap is $1.37 Trillion, a 5.66% decrease over the last day.
• The total crypto market volume over the last 24 hours is $127.95 Billion, which makes a 19.38% decrease.
• The total volume in DeFi is currently $9.80 Billion, 7.66% of the total crypto market 24-hour volume.
• The volume of all stable coins is now $105.38 Billion, which is 82.36% of the total crypto market 24-hour volume.
• Bitcoin’s dominance is currently 61.28%, an increase of 0.17% over the day.

At the time of writing this report, the flagship Crypto traded at $45,146.03 with a daily trading volume of $46.8 Billion. Bitcoin is down 5.37% for the day.

Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.

That being said, Nairametrics advises cautious buying in this fast-growing financial asset, as high market liquidity can expose you to significant losses and loss of funds. It’s highly recommended you seek advice from a certified financial advisor when buying these crypto assets.