Over $1.2B in Losses as Sector Collapses: Crypto Market Update By Investing.com

Investing.com – Bitcoin fell by 14% and fell below $27,000 for the first time since 2020, and traders lost over $1.2 billion per day amid the collapse of the crypto market – these and other important news of the cryptocurrency market in our review.

Over the past 24 hours, the rate has fallen by more than 14%, on the morning of May 12, the cost of the first cryptocurrency dropped to $26,700, which was the lowest since December 29, 2020. The capitalization of the asset decreased to $515 billion with daily trading volumes of $71 billion.

Also, over the past day, crypto exchanges have liquidated the margin positions of traders in the amount of $1.26 billion, according to CoinGlass. In total, transactions of 402,000 traders were forcibly closed, the largest single liquidation occurred on the Bitmex platform paired with bitcoin and amounted to $10 million.

The stablecoin rate fell by 5% to $0.95. According to Coinmarketcap, the average market price of the altcoin at 10:40 Moscow time was $0.96 (a decrease of 3.5% per day). USDT is the largest stablecoin that is listed on most crypto exchanges. Its market capitalization is $80 billion with daily trading volumes of $180 billion.

On May 12, the price of , the second largest cryptocurrency by capitalization, fell below $2,000. Altcoin updated the price minimum since July 2021 at $1.8 thousand. As of 12:10 Moscow time, the coin was trading at $1900, over the past day it has fallen in price by 19%. The trading volume of the asset amounted to $55 billion in 24 hours.

Coinbase (NASDAQ:) CEO Brian Armstrong informed on Twitter that the trading platform did not face the risk of bankruptcy, as it seemed to some members of the community. Submitting Form 10-Q to the Securities and Exchange Commission (SEC) is merely a regulatory requirement.

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Text prepared by Timur Aliev



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