Billions wiped out as crypto market crashes
Aftershocks from the massive earthquake in the trillion-dollar crypto market continue to reverberate, with another $1 billion in liquidations occurring in the past 24 hours.
Bitcoin and ether, the two largest cryptocurrencies by market capitalization, have both lost pivotal support levels, sparking a sell-off across the board.
The sell-off was triggered by a combination of factors, including the ongoing war in Ukraine, rising inflation, and concerns about the stability of the crypto market. The collapse of the TerraUSD stablecoin and its sister token Luna earlier this month also rattled investor confidence.
The crash has wiped out billions of dollars in wealth for crypto investors. Bitcoin, which was trading at over $60,000 in November, is now worth just over $27,000. Ether, which peaked at over $4,800 in November, is now trading at around $1,700.
The crypto market is still reeling from the crash, and it is unclear when it will recover. However, the recent sell-off has highlighted the volatility of the crypto market and the risks associated with investing in digital assets.
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