What's going on with the crypto crash?

The crypto crash has been fairly widespread. Bitcoin and ethereum are the flagship prices that generally signal the overall health of the industry. Since January, bitcoin has fallen as much as 60 per cent, and is currently trading at about $US23,000.

Did a crypto crash wipe out $1 trillion in market value?

On Wednesday, a broad crypto crash wiped out about $1 trillion in market value — a staggering drop from $2.5 trillion just a week ago. Bitcoin, which accounts for more than 40% of the global crypto market, nosedived 30% to $30,000 on Wednesday, its lowest point since January.

How many bitcoin flash crashes in 2021?

Over the course of 2021, bitcoin's price experienced no less than six flash crashes. A cryptocurrency “flash crash” is a market event in which many holders of a particular crypto asset suddenly decide to sell, overwhelming buyers and forcing the price to fall sharply within a very short time period.

Why are crypto investors fleeing from risky assets?

Rising interest rates worldwide have prompted investors to flee from risky assets and into safer ones. As one of the riskiest assets around, the eye-watering yields that crypto investors have enjoyed the past two years are also under heavy pressure.