The market is in sharp decline. Leading cryptocurrency Bitcoin (BTC) recently slipped below $45,000. The largest altcoin, Ethereum, slipped to $1,356 a few hours ago. Ripple, whose litigation with the SEC is ongoing, falls sharply and is valued at $0.44 with losses of over 21 percent. The market is currently painted red. So what triggered this sudden collapse of bitcoin and altcoins?
Hundreds of billions are wiped out of the market! Bitcoin and altcoins fall sharply
The total cost of the cryptocurrency market fell sharply in one day, with more than $300 billion wiped from the market. Cryptocurrency market cap has dropped from $1.66 trillion to $1.30 trillion. Leading cryptocurrency Bitcoin (BTC) slipped below $45,000 while Ethereum hit $1,356. Ripple price also declined sharply and tested the $0.38 level.
According to the latest information, the derivatives position of more than 630,000 traders has been liquidated. Almost all cryptocurrencies are on the red board. Many cryptocurrencies lose over 20 percent. So what triggered this price drop?
So what triggered the price drop? Here are the likely reasons
US Treasury Secretary Janet Yellen yesterday described the leading cryptocurrency as “extremely inefficient” due to the power required to trade. Additionally, Janet Yellen has called Bitcoin a “highly speculative asset.” Janet Yellen once again drew attention to illegal use cases in cryptocurrencies. According to these statements, the price of Bitcoin fell from $58,000 to $45,000.
It also stands in the middle of the information that miners started selling and profiting. Popular analyst Lex Moskovski commented on the market’s decline, stating that miners started taking profits after Bitcoin’s record prices. Lex Moskovski said:
The sooner miners empty their cryptocurrencies, the better. This is the cop situation…