The crypto sell-off continues. 🤯
after the U.S. Federal Reserve announced a tightening of its monetary policy. While there were no sudden drops in value, cryptocurrencies hit a downward slide that has refused to stop anywhere. Investors are selling-off crypto coins, hoping to park their funds in relatively safer assets. Experts had told CNBC that Bitcoin, the largest crypto coin by market cap, needed to hold onto the $30,000 to remain stable.
Bitcoin fell 11 percent, BNB lost 26 percent, while SOL lost 37 percent of its valuation in a single day, . Terra's LUNA was in for a rude shock as it fell 96 percent and dropped from the list of top 10 crypto coins to 81st. As cryptocurrencies lost another 16 percent of their overall market cap, they also triggered liquidations in the futures market. As
, liquidation is triggered automatically when an asset value falls below a set threshold and is sold immediately to avoid further losses. As Ether dropped 22 percent, traders lost $333 million in liquidations, while Bitcoin futures lostf $330 million. More volatility is expected over the next few days, according to CoinDesk.
Slumping cryptocurrencies are also hitting crypto brokerages hard; Coinbase reported a loss after a 27 percent drop in revenues for its first quarter. Readers might remember the company for its bizarre Super Bowl advertisement. The high-profile company that went public last year was valued at $100 billion. However, with the current crypto slump, its valuation has been reduced to $15 billion while also sparking fears of bankruptcy, CNN said in its report.
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