Over $170 billion from the entire crypto market have been wiped out as Bitcoin continues plunging. The world's largest cryptocurrency by market cap has dropped down to more than 12% in a one-week low, falling as far as $33,447- its lowest since Jan. 6. Meanwhile, Ethereum has fallen as much as 20% to a one-week low of $1,000. Crypto analysts are suggesting that investors are increasingly panicking on the crypto market’s latest price action.
<h2><strong>Crypto Market Wipes off Nearly $170 Billion</strong></h2>
The past 12 hours have been quite stressful on the cryptocurrency market. Bitcoin, as well as other cryptocurrencies, went through a massive correction resulting in almost $1.3 billion liquidations.

Data shows that almost $800 million in both long and short positions were liquidated in the past 12 hours alone. Statistics show that this seems to go up to $1.45 billion on a 24-hour scale.<i></i>

Bitcoin, the largest cryptocurrency, has fallen over 11% from a day earlier. Ether, the second-largest, was down around 15% to $1,126.72. The huge sell-off comes amid investors taking the opportunity to cash out large amounts of profits.

As per data from <a href="https://coinmarketcap.com/" target="_blank" rel="nofollow noopener">CoinMarketCap</a>, the cryptocurrency market is currently at $906 billion. A day earlier it was more than $1.1 trillion.
<h2><strong>Bitcoin Tumbles down</strong></h2>
Bitcoin’s recent booming actions have been mostly attributed to the increased interest of <a href="https://www.cryptoknowmics.com/news/bitcoin-goes-past-20000-in-a-record-run/">institutional pumping</a> up their Bitcoin bags. The cryptocurrency was laden as a potential haven asset and a hedge against inflation amid the recent economic turmoil.

Although, after spiking at $42,000, BTC started tumbling down over the end of the week. This resulted in strong decline of the cryptocurrency from the $40,000 region to as low as $33,00 on some exchanges.

Over the previous week, Bitcoin was trading at $41,000, while swinging between $39,600 and $41,500.  However, its price starting tanking two days back from $41,000 to about $38,900. The price of the cryptocurrency fell from $39,800 down to $37,000 and ultimately dropping down to $33,207 at the time of publication.

Crypto Market Wipes Off Nearly $170 Billion as Bitcoin Plunges

Over $170 billion from the entire crypto market have been wiped out as Bitcoin continues plunging falling by more than 12% in a one-week low.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Crypto Market Wipes Off Nearly $170 Billion as Bitcoin Plunges

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