Crypto Wipe-out: The Global Crypto Market Lost $6 Billion In The Past 48 Hours

In our latest crypto news, we can see that since November 7, over the past 48 hours the entire crypto market lost $6 billion of its value, dropping to $214 billion. Bitcoin, on the other hand, managed to remain stable.

Four days ago, all major cryptocurrencies including Ethereum, Ripple, Bitcoin and Stellar recorded gains starting from 4 to 31 percent while Bitcoin Cash was the only one to surge by more than 40 percent in just two days.

However, most of the major cryptocurrencies retraced which is actually an expected movement among all of the traders in the community.

When the value of Bitcoin Cash dropped and also many other small tokens demonstrated a decline as well, the crypto market recorded a drop of 2.5 percent of its value but looking at the monthly performance the valuation is actually up by $16 billion which means that it grew from $198 billion to $214 billion.

To continue, the crypto market added an additional $22 billion which is an 11 percent increase. The volume of all cryptocurrencies remained relatively high for example; Bitcoin’s trading volume remained above the $4.5 billion price mark.

Many traders believe that the BTC futures market will act as a huge catalyst for the next BTC rally which actually will lead to institutional investors making a large impact of Bitcoin’s price in a good way.

It’s important to know that tokens could go through a correction movement in the following months if the US Securities and Exchange Commission decides that the tokens will go under the existing regulations.

The SEC explained:

 “While many tokens have recorded gains in the range of 5 to 20 percent over the last week, regulatory uncertainty around tokens and their regulatory nature could lead to a decline in the value of tokens in the weeks to come.’’