Crypto market wipes out $60 billion in 1 hour
The cryptocurrency market endured a sharp pullback on October 7, shedding roughly $60 billion in total value within a single hour. According to data retrieved by Finbold from CoinMarketCap , the global market capitalization dropped from $4.30 trillion at 3:00 p.m. UTC to $4.24 trillion by 4:00 p.m. UTC. Crypto market flash crash. Source: CoinMarketCap Bitcoin led the downturn. The flagship cryptocurrency, which had been tracking as high as $126,000 earlier in the session, slipped from $125,000 to $122,997 at press time, erasing around $40 billion from its market capitalization. The coin’s market cap declined from $2.49 trillion to $2.45 trillion over the same span. Bitcoin 1-day price chart. Source: CoinMarketCap Altcoin market turns red Almost all of the top 10 cryptocurrencies by market cap followed Bitcoin lower. Ethereum (ETH), Solana (SOL), and XRP each registered intraday losses. The sole exception was BNB, which remained up 7% in the past 24 hours, h...