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Home»World»Why Is Crypto Crashing? Why Did Crypto Crash Today?
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Why Is Crypto Crashing? Why Did Crypto Crash Today?

Decoding today's Crypto crash: Why is the crypto market in disarray?
Just a guyBy Just a guyJune 11, 2023Updated:October 8, 2023No Comments4 Mins Read90 Views
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Why Is Crypto Crashing Why Did Crypto Crash Today
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Is Crypto crashing? Everyone wants to know the answer to this every day. After all, the steep downturns taken by crypto prices sometimes erase millions quickly. The reasons for this are rooted in complex factors whose interplay and interference cause the fall.

The factors that control the tough crypto market are regulatory laws, economic shifts, market sentiment, etc. Today, again, there has been a crypto crash.

On Saturday, the crypto market crashed. The worldwide market cap dropped to $1.04 trillion, over 6%, over the previous 24 hours as more than 190,000 traders got liquidated. The most extensive liquidation occurred on OKX, with the ETH-USD-SWAP valued at a whopping $2.18 million. So why was there such a severe crash?

Crypto crashed today due to liquidations recorded in the US SEC lawsuits against Binance and Coinbase. Additionally, the US has stopped USD fiat support on the exchange. It’s reported that $300 million longs and $30 million shorts were liquidated in the last 24 hours. Also, market makers withdrew liquidity from altcoins. There’s no sign of when the market will improve.

Why Is Crypto Crashing?

https://twitter.com/Coinzonestats/status/1667866011385864193?s=20

Bitcoin tumbled 4% in the crypto market as BTC prices fell to $25,500, a 24-hour low. The trades are happening near $25600, but there’s a probability that it will fall below the $25k mark. Apart from Bitcoin, Ethereum prices dropped 6%. The 24-hour high was $1854, and the low was $1765.

The ETH price trades are happening below $1750. There’s selling pressure mounting with the increase in trading volumes. Apart from these, Altcoins like Cardano, Polygon, Filecoin, Chiliz, Solana, Axie Infinity, Decentraland, Sandbox, and more fell 25% and more. Shiba Inu (SHIB) led the crash by falling an eyebrow-raising 30% in the previous 24 hours.

The reason for the crash is due to liquidations that were recorded in the US SEC lawsuits against Binance and Coinbase. US SEC mentioned SOL, BUSD, MATIC, ADA, BNB, ATOM, FIL, MANA, ALGO, COTI, ACS, And AXS as securities in its Binance lawsuit. Regarding the Coinbase lawsuit, it mentioned MATIC, AXS, ICP, DASH, NEXO, SAND, VGX, FLOW, ADA, FIL, CHZ, NEAR, and SOL.

The US also stopped the support of USD fiat on the exchange. Robinhood also delisted Solana (SOL), Polygon (MATIC), and Cardano (ADA). As per Coinglass (via Coingape), more than $30 million in short and $300 million in long got liquidated within 24 hours.

#CryptoMarket is starting to Crash,
Already told previously many times, that market going to be crash from 10 June to 22 July, It's Very bad time for #Crypto & it will goes into deep #BearishZone, but people's always thinking that i am Bluffing and my charts are useless๐Ÿ™ pic.twitter.com/RcjCoVclY0

— AskToRahulSinghยฉ๏ธ (@AskToRahulSingh) June 10, 2023

The liquidations mostly happened on Bybit, OKX, and Binance with LTC ($12M), BTC ($50M), DOGE ($11M), ETH ($46M), SOL ($16M), FIL ($10M), ADA ($17M), BNB (10M), MATIC ($9M). Apart from this, Grayscale Investments also sought to withdraw the Form 10 Trustโ€™s Registration Statement for Grayscale Filecoin Trust. For this reason, they submitted a request to the US SEC.

The SEC members view Filecoin (FIL) as a security, but Grayscale mentions it isn’t. Also, market players like Cumberland and Jump Crypto have withdrawn their liquidity from the altcoins. The market makers dumped Crypto to Coinbase and Binance exchanges. With the US partners of Binance unwilling to partner with the exchange, there’s a massive selloff in the market.

What's happening? #CryptoCom #Crypto #cryptocurrency #CryptoNews #cryptocrash pic.twitter.com/YRSQG6UnuB

— Stonk King ((((๐ŸŒ•)))) (@StonkKing4) June 10, 2023

Additionally, 4 trillion SHIB or Shiba Inu tokens worth millions got moved to Binance from Shiba Staking. It ensured a BONE and SHIB prices selloff. Coingape reported the hedge fund, Scimitar Capital, rumored to be behind the vast $2 billion liquidation of altcoin, saying:

โ€œOur fund has made the strategic decision to liquidate our crypto holdings and return the capital to our esteemed LPs. We believe this move will provide enhanced stability and opportunities.โ€

So will the crypto market recover again? Yes. In its existence, cryptocurrency has crashed multiple times. Bitcoin even fell 99% in value back in 2011. The ‘crypto winter’ term was coined thanks to these crashes. It’s advised that investors wait and let the market improve. After all, the crypto market is highly volatile, especially right now.

How do you interpret the sudden Crypto crash and the liquidations?

Was it unexpected? Or was it something buyers and investors should have seen coming? But the main question is- when will the market recover?

Let us know in the comments below.

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