Cryptocurrency market goes red as liquidation hits over $200 billion

The crypto market valuation has decreased by more than 8% as Bitcoin and all other cryptos have gone down.

Cryptocurrency market goes red as liquidation hits over $200 billion

According to data from CoinMarketCap, the total market value has decreased by approximately $220 billion since yesterday, dropping to just under $2.62 trillion.

After the leveraged derivatives trader was liquidated on November 11th, causing a $125 billion plunge, the massive loss marked the second time that month.

On-chain analyst Dylan LeClair has again fingered leveraged positions for today’s massive slump. As large crypto-assets continue to retreat from their recent all-time highs, overall market value has now fallen back to early November levels.

During the early morning’s Asian trading hours, Bitcoin caused the market to become popular. At the time of writing, BTC is down 8.27% in the past 24 hours to around $60,000 despite pricing models like stock-to-flow predicting higher returns for the biggest cryptocurrency before the end of this year, with a price target of $ 135,000. Bitcoin’s decline happened about a day after the Taproot privacy upgrade, which didn’t cause any issues.

Despite recent losses, the price of BTC has more than doubled since the transaction price started the year at around $29,000. According to data from Tradingview, the 50-day moving average has support near the price range of $58,800.

As other times, the rest of the crypto market is following Bitcoin. At the time of writing, ETH is down 11.13% over the day to $4,230. The altcoin market is currently in the red, and none of the top 50 tokens is profitable today. Binance Coin (BNB), Solana (SOL), Cardano (ADA), XRP, and Polkadot (DOT) also have all declined 6% to 11% in the past 24 hours.

Read: Nexo Finance launches $100m buyback program for NEXO tokens