$170 Billion Lost in Crypto Market Crash

[mlawson71]

The crypto market (except Ripple, for obvious reasons) has been shooting for the moon since the beginning of 2021 and the market cap gained a significant value. However, Bitcoin finally dropped sharply from $41,500 to $34,000, which caused a massive financial loss, costing the market some $170 billion. Before the aforementioned crash the market was worth some $1.1 trillion dollars and now it’s worth $940 billion.

Bitcoin dropped with $8000 below $34,000, i.e. it is down 15% which is a huge amount in market terms. Most analysts attribute that sharp depreciation to massive selling pressure in various Asian countries. Ethereum too saw a sharp drop – it fell even more than Bitcoin, with 18%.  Ripple also dropped with 18%.

The smaller cryptos, like Litecoin, Cardano, Chainlink, Bitcoin Cash, Stellar, and Polkadot have also depreciated.

Source

Personally, I am not at all surprised. We’ve all seen this pattern, and not just with cryptos, although cryptos seem particularly vulnerable to it – a very sharp and impressive rally and then just as sharp and eye-watering plunge. At this point it’s expected to happen, I think.