Crypto Market Meltdown: $2.1 Trillion Cap Crashes 6.15% in 24 Hours Amid Binance Shake-Up

Crypto Market Meltdown: $2.1 Trillion Cap Crashes 6.15% in 24 Hours Amid Binance Shake-Up

Jane Park
2 min read

Crypto Market Meltdown: $2.1 Trillion Cap Crashes 6.15% in 24 Hours Amid Binance Shake-Up

The global cryptocurrency market experienced a significant downturn, losing 6.15% of its total market cap in just 24 hours. This sharp decline brought the market's valuation down to approximately $2.1 trillion. Bitcoin (BTC), the market leader, saw its price fall to around $57,208, while Ethereum (ETH) dropped to about $3,120. This sudden market collapse also resulted in 112,480 traders being liquidated, with the total liquidation amount reaching $309 million.

The primary catalyst for this downturn appears to be linked to actions taken by Binance, the world's largest cryptocurrency exchange. Binance announced the delisting of six trading pairs: BTC/AEUR, ETH/AEUR, AI/TUSD, CHR/BNB, GAS/FDUSD, and LQTY/FDUSD. This decision, effective from July 5, 2023, was reportedly based on liquidity issues and a regular review process.

Key Takeaways:

  1. Market Impact: The cryptocurrency market cap dropped by 6.15%, affecting major coins like Bitcoin and Ethereum.
  2. Liquidation Surge: Over 112,000 traders faced liquidations amounting to $309 million in 24 hours.
  3. Binance's Role: Binance's decision to delist certain trading pairs was a significant factor contributing to the market's decline.
  4. New Listings: Despite the delistings, Binance added new trading pairs, including WIF/BRL, ZK/USDC, and ZRO/USDC, indicating ongoing market adjustments.
  5. Future Additions: The market anticipates new investment opportunities with five new cryptocurrencies launching in July.


The cryptocurrency market's volatility is nothing new, but the recent downturn underscores several critical issues. Firstly, the delisting of specific trading pairs by Binance highlights the ongoing challenges related to liquidity and market stability. Binance's proactive approach to periodically review and adjust its offerings aims to maintain a healthy trading environment but can lead to short-term volatility.

Secondly, the upcoming introduction of new cryptocurrencies, such as 5thScape and DarkLume, is expected to inject fresh opportunities into the market. These new assets are poised to attract investors looking for high returns, diversifying their portfolios beyond established coins like Bitcoin and Ethereum.

Another significant factor is the impending distribution of approximately $9 billion worth of tokens to Mt. Gox creditors. This event could introduce a substantial amount of Bitcoin and Bitcoin Cash into the market, potentially leading to increased selling pressure as creditors liquidate their assets.

Did You Know?

  • Miner Dynamics: Bitcoin miners' capitulation often signals market bottoms. Current miner surrender levels are akin to those seen during the 2022 market trough following the FTX collapse.
  • Historical Patterns: Since April, the $60,000 level for Bitcoin has acted as a crucial support point, with Bitcoin rebounding to $70,000 thrice from this region.
  • Political Influence: Former U.S. President Donald Trump recently expressed strong support for Bitcoin, emphasizing its geopolitical significance. His endorsement marks him as the first major political figure to back Bitcoin, sparking discussions about its potential classification as a strategic reserve asset.

The crypto market remains a complex and rapidly evolving landscape, where regulatory actions, market sentiment, and technological advancements continuously shape the terrain. Investors must stay informed and vigilant to navigate the inherent volatility effectively.

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