Live reports show the global crypto market has lost over $100B amid an ongoing cryptocurrency market crash. The total market cap value fell to $1.06 trillion, indicating an 8% decrease.
In a recent turn of events, the global crypto market experienced a downfall following unverified news about SpaceX – an Elon Musk-owned space exploration company, selling off all its Bitcoin holdings. The total value of BTC sold off as reported by Bitcoin Magazine was $373 million.
All major cryptocurrencies except stablecoins saw a sharp price decline following the news. Over the last day, Bitcoin, the world’s most popular cryptocurrency has lost about 8% of its value, falling below $26,000 – the lowest it has dropped since June.
Ethereum and BNB price has dropped by 9% in the last 24 hours. Ripple (XRP) price has plummeted significantly by 13% as seen on CoinMarketCap. Other popular cryptocurrencies like Cardano (ADA), Solana (SOL), Dogecoin (DOGE), and Polkadot (DOT) are not left behind.
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Bitcoin price
Meanwhile, at press time, Bitcoin is gradually recovering, with its price maintaining the $26,400 spot. Overall, Bitcoin price has dropped over 11% in the last 30 days. Despite Bitcoin’s sharp drop, it still maintains a 48% market dominance, retaining its #1 position on the cryptocurrency market chart.
Bitcoin price. Source: CoinMarketCap
Related Reading: Bitcoin Crashes 8% Falling Below $26k in Less Than 10 Minutes
Ethereum price
The second largest cryptocurrency by market cap has experienced over 6% drop in its value over the last 24 hours, dropping its price to $1,680. With the drop, ETH now has an 11.35% fall decline over the last 30 days. Ethereum maintains its position #2 position in the global market chart.
Ethereum price chart CoinMarketCap
BNB price
Binance coin (BNB) is ranked #4 in the global cryptocurrency market chart just after Tether stablecoin USDT. The native token of the Binance exchange also suffered a downturn with its price dropping to $218 signifying a 5% drop in the last 24 hours and a 9% drop over the last 7 days.
Tron TRX price
However, Tron (TRX), ranked #10 on the chart only witnessed about a 2% drop in price. This is significantly lower than all the cryptocurrencies in the top 10 spot. Over the last 7 days, the token has only lost about 5% of its value, selling at a current price of $0.07.
Furthermore, Tron’s daily transactions rose 1.033 billion TRX on August 17 to 1.442 billion TRX. This shows an impressive 39% increase in daily transactions.
Ripple (XRP)
Among the top 10 cryptocurrencies on the chart, XRP experienced the most drop in the last 24 hours with the price plummeting to $0.505 indicating a 13.5% loss. Also, over the last 7 days, the price of XRP has dropped by a significant 20%.
Besides the news about SpaceX selling off its Bitcoin holdings, other factors that could have resulted in the crash include China’s economic news and U.S. Stock Markets’ bearish pressure on risk assets. Also, the buildup of short positions in the futures market can be looked at as another reason for this.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.