Bitcoin, Ethereum hit new lows, wiping $60B off crypto market

The price of Bitcoin and Ethereum both fell by over 8% in the early hours of June 18, putting them below the feared $20k and $1k thresholds.

This precipitous drop has triggered several industry liquidations. According to Coinglass statistics, almost $271 million has been liquidated in the business in the previous 24 hours.

Aside from that, Coingecko statistics suggests that the sector has lost more than $60 billion in the carnage. According to the statistics, the industry's market valuation has dropped by more than 6% in the previous 24 hours to about $878 billion.

Surprisingly, the last time Bitcoin and Ethereum prices were this low was in 2020. This is also the first time the assets have traded below their prior bull run's top price.

Altcoins are also suffering losses.

Other top 10 digital assets, including as Dogecoin, BNB, Cardano, Solana, and Polkadot, have lost an average of 7% of their value in the previous 24 hours.

Long speaking about the bear run, Binance CEO Changpeng Zhao stated that the crypto business typically runs in a four-year cycle, with two years of bull run and two years of down market, implying that current rut might last a while.

Explanation of the Crash

In recent weeks, the crypto business has been under heavy scrutiny following the breakdown of the Terra ecosystem, as well as the fact that the space has had to contend with a worldwide recession, a global pandemic, and other concerns such as Russia's invasion of Ukraine.

All of this has had an impact on the global economy, and it is especially evident in the crypto business.

Meanwhile, the crypto sector has been dealing with the fallout from Terra's meltdown. Top cryptocurrency firms like as Celsius, Three Arrows, Babel Finance, and others have been experiencing solvency challenges, raising more concerns in the market.

In addition, owing to the present market condition, cryptocurrency exchanges such as Coinbase, Gemini, Crypto.com, and others have had to shrink.

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