Cryptocurrencies fall by 20% overnight, wiping out $550 billion of crypto market cap

Bitcoin plunged along with other cryptocurrencies on Saturday, which is another indication of the risk aversion sweeping across financial markets. The biggest cryptocurrency was down about 18%, the largest one-day loss since September.

Bitcoin was trading at $46,743 by 11:30 GMT on Yahoo Finance on Saturday, down 18% on the day. It was the largest one-day loss since September 7.

Also, Ethereum, Solana, Cardano, and Ripple XRP plunge double-digit percentages. The two meme tokens Dogecoin and Shiba Inu crashed as well.

Within minutes, Bitcoin went down by about $7,500 – a flash crash that is not that unusual in the volatile world of cryptocurrencies but is still causing a stir. For the moment, Bitcoin has plunged by over $10,000 since yesterday.

The altcoins also suffered heavy losses, including Ethereum (-16.3%), Binance Coin (-15.3%) and Solana (-21.3%), all posted double-digit percentage losses. In the wake of the sharp losses of the top 5 cryptocurrencies, Polkadot (-24.5%), Dogecoin (22.9%), Ripple XRP (-22.4%), Avalanche (-21.7%), and Cardano (-20.1%) also heavy enough.

According to data from Coinglass (formerly Bybt), positions worth around $2.57 billion have been liquidated in the past 24 hours, above 41% of them in BTC.

77.7% of Bitcoin closeouts in the past four hours were long. In total, positions were liquidated in the past 24 hours valued at $2.5 billion, of which approximately 85% were long positions.

According to Investing.com, the crypto market has lost about $550 billion in market cap to just $1.88 trillion at around 7:20am GMT, before recovering to $2.2 trillion at the time of writing.

BTC fell as low as $42,587, its lowest level since September 30, clearing any stop losses that were just below the all-important 200-day moving average at $46,253 before recovering.

The move downwards pushed Bitcoin’s market cap down to $896.13 billion, or 40.92% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $1,275.5 billion.

Bitcoin had traded in a range of $42,587.8 to $53,847.2 in the previous twenty-four hours.

Over the past seven days, Bitcoin has seen a drop in value, as it lost 13.32%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $58.8 billion or 26.87% of the total volume of all cryptocurrencies. It has traded in a range of $42,587.8 to $59,174.4492 in the past 7 days.

At its current price, Bitcoin is still down 24.2% from its all-time high of $68,789.63, set on November 10.

Ethereum was last at $3850.70 on Yahoo Finance, down 16.5% on the day.

Dogecoin was trading at $0.16148 on Yahoo Finance, a loss of 22.9%.

SHIBA INU was last at $0.000034 on Yahoo Finance, down 21.1% on the day.

Binance Coin was trading at $525.92 on Yahoo Finance, a loss of 15.8%.

Ethereum’s market cap was last at $467.4 billion or 20.3% of the total cryptocurrency market cap, while Binance Coin’s market cap totaled $90.4 billion or 4.00% of the total cryptocurrency market value.