Bitcoin and other top crypto tokens were trading in deep red on Friday. A sudden liquidation over the last few hours led to suffering of $1 billion as digital-asset markets suffered one of their worst sell-offs of the year and bitcoin’s price fell to a two-month low. Trading volumes of the crypto market spiked suddenly.
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Bitcoin was under deep selling pressure as the largest crypto tokens dropped as much as 8 per cent to slip below $26,500-levels. Its largest peer, Ethereum plunged 7 per cent to barely hold $1,675-mark. Pain in the altcoins was intense as the host of tokens were bleeding up to 18 per cent.
The crypto market has continued to sharply fall for the second consecutive day. The mass sell-off in the crypto market has led to a plunge in the crypto fear and greed index, which is down 13 points and has entered the fear zone after over 5 months, with a score of 37/100, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
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“A US judge granted approval to the SEC to file a motion to appeal the recent ruling which favored Ripple Labs regarding retail sales of XRP,” he added. “In other news, there has been a potential devaluation of the Chinese Yuan, which is trading at the weakest level since 2007.”
All other top crypto tokens were bled on Friday. XRP plunged as much as 17 per cent, while Litecoin tumbled 14 per cent. Shiba Inu and Dogecoin also posted double-digit cuts to tank up to 12 per cent. Toncoin and Polygon shed 9 per cent each, while Solana was down 8 per cent.
The global cryptocurrency market cap was trading sharply lower, falling down to $1.06 trillion-mark as it dropped as much as 7 per cent in the last 24 hours. However, the total trading volumes surged almost 77 per cent to $65.1 billion.
