Why is the crypto market crashing?
Bitcoin (BTC) and the broader crypto market are experiencing a heavy downturn on Tuesday amid negative sentiment following the latest tech earnings.
The top crypto briefly declined more than 5% over the past 24 hours, sliding below $73,500 before quickly recovering above $75,000 at the time of publication. Over the past two weeks, Bitcoin has lost more than 23%, eroding about $401 billion in market capitalization.
A similar move is evident in Ethereum (ETH), which briefly traded below $2,200 before reclaiming $2,300. The move has stretched its decline in the past two weeks to about 34%.
The sharp plunge has wiped out $755 million in leveraged positions in the crypto market over the past 24 hours, with $551 million in…
