- The Crypto Market Cap has broken down below $1 Trillion and Bitcoin (BTC) has plummeted to below $20,000 due to several negative news stories in the industry.
- Exchanges such as Coinbase and Huobi have experienced a significant decline in value, while lawsuits have been rolled out to Kraken and KuCoin, further adding to the market’s instability.
- Over $370 million in liquidations were seen over the past 24 hours, with Bitcoin being the most liquidated at $130 million.
Market Cap Breaks Below $1 Trillion
The Crypto Market Cap has broken down below $1 Trillion after being unable to hold support. Over $300 million has been liquidated due to several developments in the cryptocurrency market. Bitcoin (BTC) has plummeted to below $20,000 on the back of negative news in the industry. The crypto industry is in turmoil as the market cap struggles to find support. Many cryptocurrencies have fallen with it, leading to millions in liquidations.
Negative News Affects Market Performance
The recent downturn in the market can be attributed to a series of negative news stories affecting the sector, including the shutdown of Silvergate and a lawsuit against KuCoin regarding the alleged sale of unregistered securities. These events have had a significant negative impact on the market.
Cryptocurrencies Struggle To Find Support
Market Cap Crashes After Local High The market cap has undergone a downturn since exceeding the $1.04 trillion resistance level on February 21st, breaking below the $945 billion support level on March 9th. The cryptocurrency market has taken a hit recently, with the total crypto market cap and Bitcoin (BTC) dropping significantly due to poor performances of major coins following highly negative news. Exchanges such as Coinbase and Huobi have also experienced a significant decline in value, while lawsuits have been rolled out to Kraken and KuCoin, further adding to the market’s instability.