The cryptocurrency market went through a correction today as the total capitalization saw about $90 billion wiped off in a matter of hours. This happened as Bitcoin lost around $5000 of its value while the majority of the altcoins followed through with sizeable losses on their own.
The cryptocurrency market was due to a correction, according to many analysts, and it appears that one may have just taken place.
Bitcoin lost around $5,000 of its value in a matter of hours, bringing the entire market down with it.
Data reveals that this resulted in a whopping $1.5 billion liquidations worth of both long and short positions across the major exchanges over the past 24 hours.
At the time of this writing, Bitcoin is trading at around $53,700, down just shy of 7% for the day.
CryptoQuant, a popular cryptocurrency monitoring company, took it to Twitter to reveal that “there were significant BTC inflows into all exchanges, mostly Gemini.
All Exchanges Reserve. Source: Twitter
Altcoins also suffered across the board. Ethereum is down almost 8%, BNB is down 13%, while Polkadot charted a decrease of about 8.3% at the time of this writing.
Cryptocurrency Market Overview. Source: Coin360
It’s interesting to note that XRP remains one of the only major altcoins that is still in the green over the past 24 hours.