Crypto Market Crash: The world’s most volatile cryptocurrency market has shaken investors in the past 24 hours. A sudden, intense sell-off shook the global market so much that millions of people’s investments were wiped out in a matter of hours. More than ₹17 lakh crore worth of value vanished from the market in just one day, proving that the alluring charm of crypto is as great as the risks it carries.
Market Cap Crashes in 24 Hours
The decline has been ongoing for the past several days, but this time the shock was the heaviest yet. According to CoinMarketCap data, the global crypto market cap was $3.14 trillion at 9:30 am on Thursday, falling to $2.95 trillion by Friday morning. This decline of more than 6% in just 24 hours wiped out approximately $0.19 trillion, or approximately ₹17 lakh crore worth of value. The market panic is so intense that the Fear and Greed Index has dropped to 11, indicating extreme panic and significant selling.
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Bitcoin’s steep decline in a week
Bitcoin, the crypto market’s largest and most influential cryptocurrency, also fell victim to this massive decline. In the past 24 hours, Bitcoin’s price fell by more than 7%, falling below $86,000. At 9:30 a.m. Friday, its trading price was recorded at $85,750. This decline wasn’t limited to just one day; Bitcoin has fallen by more than 13% in the past seven days, further increasing investor concern.
Ethereum, Solana, and XRP also saw sharp declines
Other major cryptocurrencies, such as Ethereum, Solana, Ripple, and Cardano, also experienced sharp declines. Ethereum fell 7.53% to $2799. Ripple fell 7% to $1.97, while Solana fell 7.28% to trade at $132. Cardano fell 7.87% to $0.42. According to reports, all of the top 100 crypto tokens were in the red, with many losing 10 to 20%.
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Why did crypto crash?
According to market experts, several economic factors contributed to this massive crash. Investors’ risk appetite has weakened, and financial conditions are becoming increasingly tight. The continued rise in US Treasury yields has increased market concerns. Furthermore, fears of a delay in interest rate cuts by the Federal Reserve have severely impacted assets. All these factors combined to cause a sharp decline in the crypto market and shake investor confidence.