The post Why Crypto Is Down Today? $588M Crypto Liquidations Trigger Market Panic appeared first on Coinpedia Fintech News
The US stock market has taken a massive hit, losing over $1.5 trillion in a single day, and the crypto market felt the heat. This bloodbath has been triggered by a series of events, including the Federal Reserve’s rate cuts and global tensions, like Israel’s airstrikes on Iran-backed groups in Yemen. Let’s analyze what caused the bloodbath in Satoshi Street today.
Crypto Bloodbath: A Brutal 24 Hours
In the past 24 hours, the crypto market saw a huge sell-off, wiping out $588 million in positions. XRP was hit the hardest, with $69 million in liquidations after its price peaked at $2.82, the highest it’s been since 2017, before falling to $2.56. Bitcoin lost $60 million in liquidations after its price dropped below $96,000. Ethereum also took a hit, losing nearly $58 million.
What’s Behind the Drop?
A recent report from Santiment suggests tha
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