Why Did the Crypto Market Crash Today and What Are the Factors That Led to It?

• The crypto market saw a $2.15 billion liquidation in 24 hours. 
• This single-day purge marks the most brutal dump in crypto history. 
• Analyst shares the many factors that led to this sudden market dip.

In a tragic wipeout, the crypto market lost a significant amount of billions in the last 24 hours alone. According to some sources this amounts to over $188 billion wiped out from the crypto market in the last 24 hours. The purge was led by Bitcoin (BTC) price falling from its 6-digit price to hit $92,000 marking a significant drop.

This fall in BTC price took with it the bullish prices of many promising altcoins as well including Ethereum (ETH) the pioneer altcoins asset that was expected to set a new ATH and then usher in the peak season of the ongoing cycle’s altseason. One analyst marks how a total of $2.15 billion was liquidated from the crypto market in the last 24 hours. 

As we can see from the post above, this analyst marks the dump as the most brutal liquidation event in a single day in all of crypto history. He says this dip was even more significant than the dips caused by LUNA and FTX. The analyst then goes on to share the major reasons behind the current dip in a detailed post.

As we can see from his highlighted list above, this analyst reveals the many factors that led to this horrific market price plunge. He begins will marking the $2.15 billion liquidation and mentions Trump’s implementation of a 25% tariff tax on imports from Mexico and Canada and the fact that the CAD hit a 22-year low against the USD amid trade war concerns.  

Furthermore, he highlights how Canada’s Prime Minister fired back by announcing 25% tariffs on $155 billion worth of American goods. In addition, U.S. futures indices plunge at the weekly open: $NQ -2.5%, $ES -1.8%. Next, BTC dominance climbs back above 62% as altcoins bleed. 

Continuing, he says that the BTC total transaction fees just hit their lowest level since the 2015 bear market while the price of ETH fell to $2,100 and BTC hit $91,000. Another reason has to do with The Kobeissi Letter releasing their full trade war thesis, outlining potential implications and market trading opportunities.

Tags:Bitcoin BTC Crypto market cryptocurrency Liquidation Marketcrash