Business Stance

May 11, 2021

1 min read

The cryptocurrency market loses $1.7 billion

It’s a gloomy Tuesday for many cryptocurrency investors following a sudden and mass plunge of multiple currencies.

The mass liquidation of over 247, 084 cryptocurrency investors occurred today, resulting in the loss of a total of $1.7 billion. Different crypto assets are said to have experienced a plunge all around the same time.

The world’s flagship cryptocurrency, Bitcoin, dipped by $3,000. It is down to 6.98% and has traded at the $55,000 range with a $73 billion daily trading volume.

Despite retaining its place as the second most valuable cryptocurrency after Bitcoin, Ethereum still felt the effect of the mass plunge too. Recently celebrated for hitting the $4,000 range, Ethereum is down from its high horse at 5.44%, trading at $3,888.57 with a daily trading volume of $66 billion.

Dogecoin is said to have dipped by 20% while other popular alternative coins like Cardano Litecoin and more recorded a value loss of more than 10% respectively. Huobi-DOT lost over $8.51 million to the mass plunge, the highest loss it has ever recorded.

Although the trigger for the mass plunge is still unknown, cryptocurrency experts have attributed it to the usual volatility of the cryptocurrency market.