Bitcoin (BTC) has been below the $43,000 mark for several days and is struggling to break through it. The most famous cryptocurrency has been in massive news recently due to the approval of Bitcoin spot ETFs. As a result, the price rose to a high of $48,500. However, this was short-lived. Bitcoin then crashed violently, causing $100 billion in damage.
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Bitcoin crash wipes out $118 billion
The Hype around Bitcoin was huge; Bitcoin would reportedly surge if spot ETFs were accepted. In the meantime, rumors about a possible one were increasing Sell the news event enormously. Invest in it Dealer Spending a lot of money in a currency in anticipation of an event, causing the price to rise sharply.
Then, when the event occurs, the price will rise briefly, as happened with Bitcoin to $48,500. When people have a big profit, they sell their cryptocurrencies in bulk to make a profit. A crypto can then crash sharply in a short period of time. This was also the case for Bitcoin, causing it to crash below $43,000.
Bitcoin's market capitalization took a major hit due to this event. While on January 11th all Bitcoins together had a value of 958 billion US dollars, it is now 840 billion US dollars. That's a whopping $118 billion drop in less than a week. An astronomical amount for such a short time, especially considering others Cryptos Are not included.
Cryptocurrencies worth $271 million were lost due to liquidations
In addition to the $118 billion market cap disappearing, another disappeared $340 million through liquidations during the Jan. 11 crash. Not much compared to the loss of market capitalization, but still very annoying for many. What's more, this happened in an even shorter period of time, just 24 hours. $71 million was lost short contract Liquidations and $271 million were lost long contract Liquidations.
At the time of writing, one Bitcoin is selling for $42,500. That's down 0.7% in the last hour, but 0.4% more than a day ago. Compared to seven days ago, the largest currency is down 8.7%.
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