Cryptocurrency Market Crash: $290 Billion Wiped Out

Decline Period in Crypto Markets

The selling wave experienced over the weekend led to the erasure of 290 billion dollars in cryptocurrency market value. During this process, Bitcoin dropped to 74,674 dollars, while Ethereum fell to 2,164 dollars. However, both assets gained approximately %1 in value since midnight UTC.

This crash was also evident in U.S. stock futures and precious metals, indicating a general withdrawal from risky assets. Under low liquidity conditions, altcoins were significantly affected. Particularly for Ethereum, liquidations worth 300 million dollars occurred. Altcoins such as DASH, Optimism (OP), Sui (SUI), and Tezos (XTZ) experienced significant value losses on a weekly basis.

In contrast, the cryptocurrency named HYPE demonstrated a remarkable performance, gaining over %40 in value. As market volatility draws investors' attention, what will happen in the coming days is eagerly awaited.