Analytics / Forex and Crypto News
On June 7, the cryptocurrency market experienced another decline. Within 7 hours, the price of Bitcoin dropped from $35600 to $32700. As a result, the capitalization of Bitcoin fell to $616 billion.
The decline in the price of Bitcoin led to a decrease in the prices of the TOP-10 cryptocurrencies. Ethereum's price dropped from $2700 to $2400. XRP price dropped from $0,92 to $0,85. As a result, market capitalization dropped to $1,5 trillion.
Such a decline in the cryptocurrency market could not go unnoticed by crypto exchanges. They traditionally started to forcibly liquidate user orders. In total, orders were liquidated for an amount exceeding $1 billion.
ByBt reported that orders from 162,000 users were canceled within 24 hours. At the same time, the losses of users ranged from a few dollars to $7 million. Exactly, how much one of the users lost on a deal with Ethereum.
Traditionally, the largest number of transactions was liquidated with Bitcoin, the amount was $480 million. Ethereum ranks second with the number of liquidated transactions worth $276 million. XRP ranks third, exchanges canceled transactions in XRP worth $70 million.
It is worth noting that after the previous declines, most users were confident that the bearish market correction was over and the uptrend would continue. However, as we can see, the correction continues.
Investment bank JPMorgan has released a report on the state of the cryptocurrency market in the second quarter of 2021. The report noted that as a result of a sharp decline in the price of cryptocurrencies in April and May of this year, institutional investors began to massively sell Bitcoins