Cryptocurrency Market Crashes after Bitcoin Drops below $39,000

The cryptocurrency market cap dipped below $1.8 trillion on Wednesday after Bitcoin reached a low of $38,700, which is its lowest level since February 2021. As of writing, BTC is trading near $39,000 with a market cap of approximately $730 billion.

According to Coinmarketcap, the cryptocurrency market lost nearly 15% in the last 24 hours. Ethereum, the world’s second-largest cryptocurrency dipped below $3,000 and touched a low of $2,867 on 19 May. ETH now has a market cap of $340 billion.

The latest crash in the cryptocurrency market has triggered massive liquidations. According to the latest liquidation data published by the crypto Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision-making. In the trading space, analytics are applied in a predictive manner in an attempt to forecast the price more accurately. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analy Read this Term firm, bybt.com, nearly $1.5 billion worth of long crypto positions got liquidated in the last 24 hours. Bitcoin accounted for liquidation of approximately $800 million worth of long positions. Ethereum came at the second spot with the liquidation of over $350 million worth of long positions.

Bybt.com highlighted that more than 260,000 cryptocurrency traders got liquidated in the last 24 hours. The largest single liquidation of Ethereum happened on Bybit crypto exchange with a total value of over $12 million.

Cryptocurrency Dip

The recent dip in the value of cryptocurrency assets came after Elon Musk thrashed Bitcoin and called BTC a highly centralized cryptocurrency. Last week, Tesla announced the suspension of Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term. In a recent tweet, Musk said that large mining companies are controlling BTC. The cryptocurrency market reacted negatively to his comments and the overall market cap of digital currencies lost approximately $500 billion in the last 7 days. Bitcoin and Ethereum have decreased by more than 30% within the last 7 days.

Cryptocurrency assets like Binance Coin (BNB), Cardano (ADA) and Dogecoin (DOGE) are also down heavily today. BNB and DOGE remained the worst performing digital currencies among the top 5. BNB is down by nearly 20% while DOGE has lost 18% of its value in the last 24 hours. The overall market cap of digital currencies is currently hovering around $1.8 trillion, which is down from $2.3 trillion on 15 May.