• The Crypto Market Cap has broken through the $1 Trillion support level after a series of negative news stories affecting the sector.
• Bitcoin (BTC) has fallen to below $20,000 and other cryptocurrencies have followed suit, leading to millions in liquidations.
• Exchanges such as Coinbase and Huobi have also experienced significant declines as lawsuits were rolled out to Kraken and KuCoin.
Bull Trap Confirmed?
The Crypto Market Cap has broken down below $1 Trillion after being unable to hold support. Over $300 million has been liquidated due to several developments in the cryptocurrency market. Bitcoin (BTC) has plummeted to below $20,000 on the back of negative news in the industry. The crypto industry is in turmoil as the market cap struggles to find support. Many cryptocurrencies have fallen with it, leading to millions in liquidations.
Market Cap Plunges Sub $1 Trillion
The market cap has undergone a downturn since exceeding the $1.04 trillion resistance level on February 21st, breaking below the $945 billion support level on March 9th. The cryptocurrency market has taken a hit recently, with the total crypto market cap and Bitcoin (BTC) dropping significantly due to poor performances of major coins following highly negative news. Exchanges such as Coinbase and Huobi have also experienced a significant decline in value, while lawsuits have been rolled out to Kraken and KuCoin, further adding to the market’s instability.
Bitcoin Sinks Past $20K
The leading digital asset, Bitcoin, has seen its price fall below crucial horizontal support levels, leading to the recent market crash. This decline has significantly impacted the rest of the market, as many other cryptocurrencies are heavily dependent on Bitcoin’s performance. In addition to poor market performance, faith among investors is low as multiple exchanges take hits. Ethereum (ETH) has also experienced losses recently due to regulatory concerns. The New York Attorney General’s suggestion that ETH may be considered a security has further fueled the fire started by SEC Chair Gensler, leading to fear among investors and significant price drops .This has led to millions of dollars in liquidations.
Crypto Liquidations in Last 24 Hours
Coinglass Over the past 24 hours there have been over 370 million dollars worth of liquidations with most coming from traders with long positions – Bitcoin being most liquidated at 130 million dollars followed by Ether at 93 million dollars .
Looking for Support After Liquidation
Investors are having little faith after exchanges like Kraken & Kucoin were hit with lawsuits making them take hits along with other major cryptos falling alongside bitcoin , Ethereum losing value due its potential security classification by NY AG which had caused ripple effect across all markets causing massive liquidation .