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Why is the Crypto Market Crashing?

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The market is experiencing a bloodbath as $850 million worth of cryptocurrencies were liquated. Over the last 24-hours, a total of 183,239 investors got liquidated. The development made Bitcoin plunge near $38,500 and reached its lowest level since August 2021. Bitcoin’s fall dragged the entire crypto market down while some even dipped drastically to double digits.

Many other tokens are now down more than -50% from their all-time highs and giving investors the jitters. A recovery to previous levels might take time and force investors to hold on to their portfolios. At press time, Bitcoin was trading at $33,575.46 and is down -6.7% in the 24-hours day trade.

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