The cryptocurrency market is experiencing sharp pangs of volatility today. The market has been experiencing a surge of crypto liquidations, which is humbling the domain, as multiple long positions continue to liquidate at press time. Will the market be able to bounce back to its usual pace soon? Let’s find out.

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Cryptocurrency Market Down: What’s the New Update?

Source: MoneyControl

The cryptocurrency market has taken a brief halt, as the domain continues to witness a sharp decline of major crypto assets. The market is currently witnessing a massive pace of liquidations of long positions, with nearly $1,000,000,000 worth of crypto long positions liquidated over the past 30 months.

The market has been witnessing a sharp downward spiral for the past 8 hours. Due to these massive liquidations, Bitcoin has once again fallen below the $11300 price level, with ETH and Solana down 7% at press time.

The current market downfall has primarily been attributed to the bearish stance caused by the current Fed stance. At the same time, Bitcoin and Ethereum ETF outflows have also caused significant stress on the market, leading the domain to shift its price and adjust accordingly.

Major Altcoins Take a Hit

The data from CoinMarketCap is signaling massive price dips, as the majority of the crypto coins witness historic September lows. Per CMC, altcoins like XRP, Dogecoin, Cardano, Tron, and BNB are all down, showing declines ranging from 5% to 10% in the last 24 hours.

COIN STATS
Source: CoinMarketCap

Other noteworthy cryptocurrency tokens, including Sui, LINK, and AVAX, are also down, bleeding red while projecting downfalls ranging between 9% and 10%.

However, amid all the latest crypto crash chaos, Binance’s CEO, Changpeng Zhao, has tweeted a new motivational message for investors. Zhao shared how crypto market dips are actually foundations on which the study of crypto structures is built.

Also Read: Bitcoin, Ethereum Near New All-Time Highs: Another Bull Run?