Global cryptocurrency market cap plunges by more than 6%: $600 million liquidated per hour

Over the past hour, global cryptocurrency market capitalization has fallen significantly, falling more than 6% to $1.63 trillion. The collapse caused major exchanges including Bitcoin, Ethereum, Solana, XRP, and Cardano to all fall by more than 6% in just one hour. Bitcoin price also fell 7%, falling below $41,000, wiping out all previous gains.

Crypto Volatility Week: $600 Million Liquidated

The cryptocurrency market witnessed liquidation of over $600 million today alone. In just one hour, over $561 million in long positions were liquidated. Crypto traders seem to know this too, as 176,000 traders were shut out. The largest liquidation order for the Huobi BTCUSDT pair was $14.26 million.

Matrixport’s Bold Predictions

Today, Matricport made a bold prediction that shocked the entire cryptocurrency industry, impacting Bitcoin and other exchanges as well. The company expected the SEC to reject all Bitcoin ETFs in January, which would likely cause Bitcoin’s value to plummet from $42,000 to $36,000.

Bitcoin started the year by topping $45,000 as everyone buzzed about a potential spot ETF. However, the situation has become difficult recently as bad news has dragged down the market, but the ETF craze among investors still remains.