font-family:"Arial",sans-serif">Global crypto market falters as Russia invades Ukraine,
causing drastic drop in crypto markets
- font-family:"Arial",sans-serif">Total market cap dropped nearly 7.8%, or $160
billion in 24 hours
"Arial",sans-serif">Traders worldwide liquidated over $242 million from the crypto
markets late Wednesday as markets reacted to the Russian invasion into Ukraine,
in what Russian President Vladimir Putin called a “special military operation.”
"Arial",sans-serif">Bitcoin futures saw $72 million in liquidations – the most
among all digital tokens – followed by Ether futures at $70 million.
"Arial",sans-serif">However, Futures for Altcoins saw relatively lesser
liquidations, with losses on DOGE futures reaching $6.81 million, SOL futures at
$6.46 million and XRP futures at $5.18 million.
font-family:"Arial",sans-serif">ALSO READ: Bitcoin"
and other cryptocurrencies tumble as Russia-Ukraine tensions escalate
"Arial",sans-serif">Liquidations in the cryptocurrency market occur when a
trader has inadequate funds to fund a margin call – or a call for extra
collateral demanded by the exchange to keep the trading position funded. It is
common in high-risk trading like margins and futures trading due to the high
volatility nature of the assets.
font-family:"Arial",sans-serif">Liquidations from crypto exchanges
"Arial",sans-serif">In Asian time, Thursday morning’s moves underwrote over
$411 million in liquidations over the past 24 hours.
"Arial",sans-serif">Crypto exchange OKX saw the highest liquidations at $73
million, followed by Binance’s $48 million and Bybit’s $24 million.
crypto addresses received 74% of ransomware revenue in 2021
"Arial",sans-serif">Over 87% of all liquidated traders were ‘long’ the market
or betting on higher prices, data from analytics tool Coinglass show.
font-family:"Arial",sans-serif">Drop-in crypto prices
"Arial",sans-serif">The total"
market cap of all cryptocurrencies dropped nearly 7.8% or lost more than
$160 billion in the previous 24 hours in the early Asian hours.
"Arial",sans-serif">At the time of reporting, the overall digital currency market
recovered some of the losses that it incurred.
"Arial",sans-serif">Bitcoin dropped nearly 8% after the Russian army dropped
missiles in Ukraine. The biggest crypto in terms of market cap has recovered
somewhat but is still down 5.65%.
"Arial",sans-serif">The second biggest crypto, Ether, is down nearly 8%.
"Arial",sans-serif">Picture Credit: Business Today
