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Bitcoin drops to the $60,000 area, Cryptocurrency Capitalization Disappears $50 Billion in 2 Hours

The global financial markets have just experienced a severe shock after more than $1.88 trillion was wiped out from circulation in just one hour. The sharp decline occurring simultaneously triggered widespread panic that hit traditional stock markets, precious metal sectors, and directly spilled over into the crypto asset markets.
​The major US stock indices became some of the hardest hit in this mass sell-off. The S&P 500 fell by -1.62%, while the Nasdaq plummeted sharply by -2.50%. This shock also dragged down key commodity prices such as gold and silver, which dropped by -1.95% and -5.56%, respectively, wiping out hundreds of billions of dollars instantly as the US session opened.
​The wave of negative sentiment from global exchanges certainly dealt a heavy blow to the digital asset industry. Around $50 billion was observed to vanish just like that from the total crypto market capitalization within the last two hours, creating a new wave of fear among industry players.
​As a result of the massive selling pressure, Bitcoin's price had to drop and fell to the $60,000 area after declining by -2.12%, erasing a valuation of $28 billion. On the other hand, Ethereum also fell below the $1,700 level.