The cryptocurrency market experienced a sudden crash on Thursday after Circle, the issuer of USDC stablecoin, went public on the New York Stock Exchange (NYSE). Bitcoin (BTC) dropped to $100,000 levels with a 3% pullback, while Ethereum (ETH) recorded a nearly 8% decline, and Ripple’s XRP saw an almost 5% drop.
The shakeout resulted in nearly $1 billion worth of liquidations in the crypto market, with buyers incurring $888 million in losses, compared to $99 million in short liquidations. At the time of writing, BTC, ETH, and XRP are recovering, with over a 1% jump on Friday, indicating a bullish breather may be at hand.
