Crypto market cap erases $110 billion  in huge 1-day crash

The cryptocurrency market shedded approximately $110 billion from its total market cap within less than 24 hours as it suffered another dramatic crash this week. According to data retrieved by Finbold from CoinMarketCap , the global market capitalization dropped from $3.86 trillion on October 15 (12:00 p.m. UTC), to $3.75 trillion on October 16 (3:00 a.m. UTC). Crypto market flash crash. Source: CoinMarketCap Bitcoin ( BTC ) took the biggest blow in terms of value, slipping from roughly $113,330 to as low as $109,819, erasing more or less $54 billion from its overall worth, which declined from $2.24 trillion to just shy of $2.19 trillion over the same time span. The “digital gold” has somewhat recovered since, trading at $111,238 at the time of writing, although it is still down 0.78% on the daily chart. Bitcoin 1-day price chart. Source: CoinMarketCap Altcoins also in the red Bitcoin was hardly alone in its losses, as nearly all of the top 10 cryptocurrencies by market cap were also in the red. Solana ( SOL ) fell nearly 3.5%, while Cardano ( ADA ) was down 2.2%. Ethereum ( ETH ) and XRP also declined 1% and 1.75%, respectively. The only exception at the time of writing was Tron ( TRX ), which remained up 1.5% in the past 24 hours. XRP appears to be under especially heavy pressure, though, as analysts warn a deeper slide toward $2 is likely. The pessimistic outlook comes after a week-long selling spree that erased billions from its value. Overall, the crypto market sentiment has turned markedly bearish . The Crypto Fear & Greed Index has plunged from a “Greed” level of 71 last Friday to “Fear” at 32 at press time. The reading is thus similar to that seen in April, when the asset dropped to as low as $74,000. Adding to market jitters, a long-dormant Bitcoin wallet moved 2,000 BTC (worth some $222 million) across 51 new addresses on Thursday, sparking speculation among traders. Similarly, U.S. spot Bitcoin ETFs saw $94 million in outflows on Wednesday, reducing total net inflows to $62.45 billion. Featured image via Shutterstock The post Crypto market cap erases $110 billion in huge 1-day crash appeared first on Finbold .