Crypto market loses $300 billion as Ether plunges 12%, Bitcoin hits March lows
The crypto market got slammed with a brutal $300 billion loss this week as leverage-heavy trades across the board unraveled, tanking major coins and dragging overall sentiment to levels not seen since June.
The crash started snowballing after Ether dropped a steep 12%, its worst weekly drop since the middle of the year. That fall sent it crashing below $4,000, a level traders had been watching like hawks for months.
Bitcoin, the industry’s benchmark, took a 5% hit, its biggest weekly fall since March, and now floats at the low end of its trading band.
Traders got crushed when billions in bullish positions blew up in the perpetual futures market. Over $3 billion in long positions were liquidated across various exchanges as the…
