The cryptocurrency market collapsed sharply over the weekend, erasing $130 billion from its total market capitalization and triggering $1.7 billion in forced futures liquidations in a single day. Bitcoin led the selloff, sliding to the $62,000 line intraday, while altcoins posted even steeper declines.

According to Bitcoin.com, the total cryptocurrency market capitalization stood at $2.19 trillion as of Nov. 15 (local time), down $130 billion since Nov. 13. Bitcoin fell as low as $61,947 intraday before rebounding to the $64,000 range, but its decline over the past week reached 14.5%.

Altcoins saw selling accelerate as psychological support levels gave way. XRP broke below the $1 mark, plunging to $0.8922 intraday. Over the past seven…