The crypto market posted significant losses amid selling pressures seen in the value of Bitcoin, Ethereum and a growing number of altcoins, as global investors intensified their profit-taking moves across the market spectrum.
Tens of billions of dollars in value were virtually wiped out into thin air, with the global crypto market cap losing about 3.84%, leaving the crypto market valuation at $1.90 trillion.
At the Futures market, crypto traders’ losses stood at $1.67 billion as 296,556 traders were liquidated.
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The largest single liquidation order happened on Bitmex-BTC, valued $10 million.
The total crypto market volume over the last 24 hours is $216.55 billion, which makes a 6.36% increase. The total volume in DeFi is currently $15.66 billion, 7.23% of the total crypto market’s 24-hour volume.
Bitcoin’s price is currently $56,661.02. Its dominance is currently 55.62%, an increase of 0.75% over the day.
After posting three days winning streak, Ether saw a price pullback below the $2,000 price level for the first time in five days.
READ: Red Sunday: Crypto market drops $70 billion in value as Bitcoin, Ethereum, Litcoin tumble
Crypto experts anonymously interviewed by Nairametrics explained the current parabolic in play was long overdue after the relative bullish move sighted this year.
Many weeks ago, the Financial Conduct Authority, a leading United Kingdom financial regulator, issued a piece of stern advice on the risk associated with trading crypto assets.
The statement highlighted the risks associated with investing in Bitcoin and other crypto-assets and warned the public that there were high chances that all their funds could be lost.
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“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.