Major cryptocurrency funds experienced significant losses during the flash crash on October 10, which resulted in a $19 billion decline in market value. As a consequence, these funds are reportedly being forced to sell Bitcoin and Ethereum to cover their losses. This selling pressure has contributed to a continuous decline in the prices of these cryptocurrencies.
Market analysts suggest that the forced liquidation of assets by these funds explains the ongoing selling activity. Additionally, the performance of Alt/BTC pairs has remained relatively stable amid this turmoil, indicating that altcoins are holding up better compared to Bitcoin.
For further context on the current market conditions, recent developments in the cryptocurrency market have shown Bitcoin"s value dropping significantly, as previously reported. The situation reflects broader trends affecting liquidity across various assets.
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