Global markets and cryptocurrency prices plummeted; Ethereum fell 19% to $2,350 and Bitcoin fell 11% to $54,070. In a single day, the whole market capitalization of cryptocurrencies fell by 12.9%, erasing $292 billion. Liquidated over 217,000 leveraged cryptocurrency traders, resulting in a $841.3 million loss. The unwinding of Yen carry trades and economic uncertainty caused massive sell-offs in Asian stock markets, which led to the subsequent crisis.
Global markets and cryptocurrency prices plummeted; Ethereum fell 19% to $2,350 and Bitcoin fell 11% to $54,070. In a single day, the whole market capitalization of cryptocurrencies fell by 12.9%, erasing $292 billion. Liquidated over 217,000 leveraged cryptocurrency traders, resulting in a $841.3 million loss. The unwinding of Yen carry trades and economic uncertainty caused massive sell-offs in Asian stock markets, which led to the subsequent crisis.