Bitcoin, Ethereum bleed after sudden liquidation; Altcoins tumble up to 18%

Bitcoin and other top crypto tokens were trading in deep red today. A sudden liquidation over the last few hours led to suffering of $1 billion as digital-asset markets suffered one of their worst sell-offs of the year and bitcoin's price fell to a two-month low. Trading volumes of the crypto market spiked suddenly. Bitcoin’s price experienced a sharp decline today following wider negative sentiments in the market post Evergrande bankruptcy filing and reports of SpaceX selling off their BTC portfolio. The asset plunged to two-month lows near $25,200, as traders reacted to unfavourable macro conditions. It has quickly regained some value and is currently trading at $26,500.

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