Crypto Market Crashes; Liquidation Breaches $220 Million

Crypto Crash News: The global digital asset market continued to register a further decline on Friday. The crypto market crash comes in after the U.S. Securities and Exchange Commission’s (SEC) latest crackdown on the industry. The cumulative crypto market cap has dropped by a massive 3.6% over the past 24 hours. However, it is still holding the crucial $1 trillion level.

Despite a decline in the crypto market cap, its 24 hour trading volume has spiked by 15% to stand at $74.1 billion.

Increased volatility in crypto market

As per the data, More than 83K traders have liquidated more than $220 million of funds from the crypto market in the last 24 hours. However, the largest single liquidation order of $4 million took place on the OKX crypto exchange.

Ethereum (ETH) turns out to be the biggest loser among the biggest crypto assets. ETH price dipped by over 5% in the last 24 hours. However, Ethereum seems to be leading the liquidation amid the recent declined traders’ sentiments. Data depicts that over $52.2 million have been liquidated just from ETH over the past day.

However, traders went on to liquidate around $52 million from Bitcoin (BTC) in the last 24 hours. Bitcoin price has dropped by more than 3% to trade at $21,870, at the press time. However, its 24 hour trading volume is up by 4% to stand at $30 billion.

Is SEC responsible for the Crash?

The cumulative crypto cap saw a sharp decline after rumors went out that the U.S. SEC is in pursuit of getting rid of crypto staking. However, reports came out that Kraken reached out for a settlement with the US watchdog.

The troubled crypto exchange will allegedly require to end its operations related to staking digital assets. This decision formed up after a meeting meeting between Kraken and SEC commissioners behind the close doors.

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