After several runs of bad news & Elon Musk deciding to ditch Bitcoin over “environmental issues”, the world’s cryptocurrencies lost over $800 Billion in market valuation.
Bitcoin, the most valuable cryptocurrency in terms of market capitalization, accounted for almost half of the fall. The last 24 hours have been particularly tough for cryptocurrency traders, as excessive uncertainty has wiped out several trading accounts.
According to Bybt, which aggregates data from the leading crypto exchanges, over 730,000 trading positions worth more than $8 billion were liquidated in 24 hours, with 85 percent of them being long positions. That’s some bad news for crypto.
According to the Crypto Fear & Greed Index, which tracks the current mood of the bitcoin industry, fell to 11 on Thursday, the lowest level in 12 months, signaling “extreme fear.”