Crypto markets fell by $900 billion as Bitcoin fell to a three-month low: Weekend Watch

The statistic dropped to $3.3 trillion on TradingView.

Bitcoin’s price suffered a sudden and painful crash on Friday evening and Saturday morning, falling to its lowest position since early July.

As this became the largest daily liquidation event, losing over $19 billion, the total market capitalization fell by $900 billion at one point.

The BTC Crash

What a week it has been for the primary cryptocurrency. It all started well, rising past $124,000 last Sunday and reaching $126,000 on Monday, setting a new all-time high.

The value lost some traction in the following days, but remained stable above $120,000 and as high as $122,000 on Friday. Then came Trump’s warning against China, and all hell broke loose.

Initially, the POTUS claimed that China was being deceitful in certain cases, so he brought up the old-fashioned tariffs. However, he later doubled down by confirming that the US will impose a 100% tariff on Chinese products from November 1.

The consequences for overloaded crypto markets were profound. In just a few hours, Bitcoin plummeted from $122,000 to just over $101,000 on some exchanges, and $105,000 on others. This became the lowest price tag in more than three months. The move south was followed by most altcoins, but more on that later.

The total liquidations hit a record of more than $19 billion per day, with more than 1.6 million traders going bankrupt.

BTC has recovered some ground and now sits around $112,000, but it is still down 8% on the day. Its market cap has fallen to $2.235 trillion, while its dominance over alts stands at 58%.

The Alts meltdown

While BTC’s crash was huge, it pales in comparison to what has happened to some altcoins. Cardano’s ADA, for example, fell more than 65% from top to bottom, falling to a yearly low of less than $0.30. While most have come off the lows from earlier today, they are still down by significant percentages.

ETH (-11%), XRP (-12%), SOL (-16%), DOGE (-22%), LINK (-19%), ZEC is the only exception and is up 12% to $255.

The cumulative market capitalization of all crypto assets fell by $900 billion during the darkest hours of the crash, falling to $3.3 trillion. It has gained a lot of ground to over $3.8 trillion now, but is still down $400 billion since yesterday.