News - Cryptomarket crashes further

By Mike Hesp

Cryptomarket crashes further

The sell-off in the crypto market continues. Bitcoin and Co. are trading deep in the red. Everything you need to know about the crash.

The sale of Bitcoin and Co. continues. Large parts of the market started the trading day with a large loss. Total market capitalization fell 8.3% on a daily basis.

Bitcoin lost nearly 8% of its value in the past 24 hours. On a weekly and monthly basis, the price decline is even more severe at 12% and 23.5%, respectively.

At the time of writing, BTC is trading at about $54,330 - as low as it was last in February this year.

The sell-off is most evident in the altcoin sector. The Ethereum share price had to take a loss of nearly 11%.

The other ten most valuable cryptocurrencies all recorded declines between 7% (Solana) and 15% (Cardano). Among the top 100, TRON, MultiversX and FET are holding relatively steady - with price declines ranging from 3.8% to 6%. Memecoins are also not spared the strong sell-off. The market capitalization of this sector fell by 23.3 %. In particular, the BASE memecoin Brett had to lose heavily.

The market mood is clearly versed. The Fear and Greed Index currently stands at 29 points, meaning "Fear." Due to the sharp drop in price, according to Coinglass liquidated more than $580 million in long positions. According to WhaleWire involves the second largest liquidation of capital in the crypto market ever - only the FTX sell-off was more severe.

The reason for the sale can be traced to several factors. For one, there are Mt.Gox's payouts to duped individuals. According to the blockchain service Arkham Intelligence, the bankrupt Japanese crypto exchange recently moved 47,229 Bitcoin ($2.7 billion) from a cold wallet.

The trustee had previously announced that the first payouts would begin in July. In total, Mt.Gox owes its creditors more than $8 billion in Bitcoin.

On the other hand, the German Federal Criminal Police Office (BKA) is currently selling a good deal of Bitcoin they seized in the case surrounding the illegal streaming platform

In total, the authority owns about 50,000 BTC. More than 14,000 of them have been moved in recent days and weeks.

Download the Anycoin App

Finally, a crypto app for everyone!

Check it out