This week, so to speak, the blood has gone to the torso in the cryptocurrency market. #BTC has fallen after a long period of consolidation. XRP is leading the collapse in the cryptocurrency market.

The crypto money market has broken its silence after a consolidation process that lasted for weeks. While things have already been going badly in the last week, the cryptocurrency market experienced sharp declines in the early hours of August 18.

The price of Bitcoin has lost 7.6% in the last 24 hours. Thus, the leading cryptocurrency lost 11% in value on a weekly basis. With this huge collapse, leveraged transactions worth more than $ 1 billion in the cryptocurrency market were liquidated. A large part of the liquidated transactions were made up of long (long) positions.

However, in this process, not only Bitcoin, but also the rest of the cryptocurrency market was seriously negatively affected. The total value of the cryptocurrency market fell below $ 1.1 trillion as a result of the declines experienced. As a result, there was a loss of $ 110 billion in value in the crypto money market during this process.

Ethereum (ETH)lost 10%, Binance Coin (BNB) lost 9.7%. Ripple's XRP has fallen by 20% in the last week. This sharp decline in Ripple (XRP) is attributed to the collapse in the market, as well as the temporary approval of the US Securities and Exchange Commission (SEC) for an appeal from the court.

The case between the Dec and Ripple is ongoing and we will see together what will happen in this case in the coming weeks.

In the last week, a large part of the altcoins have also experienced serious losses in value. Among the cryptocurrencies with the highest market capitalization, only THORChain (RUNE) and Toncoin (TON) are Decked out in green. The vast majority of other cryptocurrencies have Decelerated at rates ranging from 5% to 25%.

As a result, things have become complicated in the cryptocurrency market. It will be interesting to see if investors' market sentiment will reverse and if the market will bounce back.

Perhaps the most promising development of this week was that the crypto money storage organization BITGO received a $ 100 million investment. BitGo thus increased its valuation to about $ 2 billion. This means that institutional investors are showing interest in cryptocurrencies. #crypto2023 #Binance