Here's Why Crypto Market Lost $1.6 Billion in Hours

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After this scary sell-off, strong buying pressure reemerged on Ethereum. Traders saw ETH as a safe bet as the coin has a rather smaller drawdown when compared to Bitcoin. The price of XRP The analyst said XRP still has thin liquidity, thus impacting its spike potential. Amid the sell-off, Cardano , USDC and FDUSD recorded an insane boost in volume.Already, the market is recovering from the unexpected drawdown. The price of Bitcoin was changing hands for $97,658, down by merely 0.68% in 24 hours.

According to Ash Crypto, the liquidation must have wiped out"weak hands" and allowed smart money to buy the dip at a discount. Ultimately, he projected that the coin's price is bound to"snap back quickly."The market still has the right anchors that helped it grow over the past few weeks. MicroStrategy made a big Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0.

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