The Crypto Market Meltdown Has Erased $1 Trillion in Value Since October
The tech-led stock rally did little to lift bitcoin out of its slump on Thursday. The token rose briefly early in the day, but dipped again by about 2%.
The latest downward moves in crypto have now erased $1 trillion in market value since early October, when the crypto market cap was about $4.2 trillion. On Thursday, that figure was under $3.1 trillion.
On October 10, a massive liquidation event unexpectedly sent crypto markets into free fall. It marked the largest bitcoin liquidation in history, as investors offloaded $19 billion in leveraged positions; however, some estimates suggest the true number is closer to $30 billion.
Over a month later, conditions haven’t improved, and bitcoin’s slide has pulled…
