Crypto Total Market Cap Plunges 13%, Marking Largest Daily Drop Since January 2022
CryptoNewsTerminal Staff05 Aug, 2024
Crypto Total Market Cap Plunges 13%, Marking Largest Daily Drop Since January 2022
The cryptocurrency market has experienced a significant downturn, with the total market capitalization plummeting by 13% over the past 24 hours, dropping to $1.94 trillion. This represents the largest single-day decline since January 2022, signaling a major correction in the crypto space. According to data from CoinGlass, over 280,000 traders have been liquidated in the last 24 hours, with forced liquidations on major centralized exchanges totaling $1.07 billion. The funding rate for Bitcoin perpetual futures has also turned negative, indicating that traders are betting on a further decline in the crypto market. This sharp drop in the market capitalization is a stark reminder of the inherent volatility of cryptocurrencies. Investors should be aware of the risks associated with crypto investments and exercise caution when trading in this space.
