Why is the crypto market crashing today? $110 billion erased in hours
The cryptocurrency market faced a brutal sell-off on October 21, with over $110 billion in market value wiped out in a matter of hours. The total market cap plunged from around $3.75 trillion to $3.64 trillion, as panic selling swept across both Bitcoin (BTC) and major altcoins. Crypto market cap price chart. Source: CoinMarketCap Bitcoin slid 3.07% in 24 hours to trade at $107,580, underperforming the broader crypto market’s decline of 2.96%. Despite holding the key $107,000 support level, the benchmark crypto has now logged a 30-day drop of 6.74%. Bitcoin 1-day price chart. Source: Finbold Altcoins were hit even harder. Ethereum (ETH) tumbled 4.67% to $3,860, BNB (BNB) shed 5.13% to $1,067, while Solana (SOL) slumped nearly 5% to $184. XRP fell 2.71% to $2.40, extending losses after recent ETF speculation cooled. Why is the crypto market crashing? The sell-off comes against the backdrop of the ongoing U.S. government shutdown, now in its third week, which...