The crypto market woke up to a lot of important news, which caused a quick sell-off. During the early New York trading session, over 130k crypto traders were liquidated, and the total amount of money lost was about $393. The Huobi Token (HT) flash crash, the White House’s plans to put a 30% tax on the electricity used for crypto mining, and Silvergate Capital’s total liquidations are some of the most important news stories from the last 24 hours.
During the early hours of Friday, the price of Bitcoin dropped by as much as 10% to trade below $20,000. The biggest worry for people who own cryptocurrencies is that the correction from last year is still going on, which could push Bitcoin up to $11,000.
On the bright side, whales are getting ready to collect more assets ahead of the Bitcoin halving event next year, which will start a new bull market.
On-Chain Analysis of the Crypto Market
58,885,143 Polygon MATIC tokens worth $62.1 million were transferred today in a single transaction, according to a report from on-chain analytics firm Santiment. Notable is that Circle’s USDC was the most sold token, followed closely by Tether’s USDT and DAI.
According to a study by whalestats, USDC and USDT were also the most bought tokens. But WBTC was the third most bought crypto token, which shows that centralized exchanges might be able to change the price of Bitcoin.
It’s interesting that in the last 24 hours, the most used smart contracts were DAI, WBTC, USDC, USDT, and LDO, in that order. Shiba Inu was the seventh most used smart contract, which is interesting when you think about the much-talked-about Shibarium layer two scaling solution.
In the last 24 hours, the coins with the most trades were the Artificial Intelligence (AI) and Zero-Knowledge (ZK) coins.