The crypto industry is losing $ 23 billion due to the fall of BTC and other digital assets

The cryptocurrency market, led by the leading cryptocurrency Bitcoin, has declined significantly over the past 24 hours, losing more than $ 20 billion. the total capitalization of the cryptocurrency. $ 23 billion in crypto has disappeared from the cryptocurrency market after a massive recovery that digital assets are experiencing

The price of Bitcoin fell by 5%

Bitcoin, the leading crypto asset by market capitalization, lost about $ 700 after deflating at $ 12,000. Ethereum, which has experienced massive growth, hitting a 2-year high of $ 490, fell nearly 9 percent. Investors had hoped that the price of Ethereum would soon reach $ 500. XRP Ripple also declined by the same percentage as Ethereum, and Tether (USDT) took full advantage of the situation to usurp XRP as the third largest crypto asset by cryptocurrency market capitalization.

Moreover, Polkadot surpassed Chainlink and entered the top five cryptocurrencies by market capitalization, after a 10 percent drop in the value of LINK.

Usually, after a sharp drop in prices, the cryptocurrency industry reflects on the likely cause of the fall. In this case, the cryptocurrency community attributed this particular drop to reports that South Korean police invaded the offices of the main cryptocurrency exchange platform Bithumb.