It’s another red day for the crypto market as total liquidations have jumped to roughly $1 billion amid the cumulative market cap of all cryptocurrencies losing over $120 billion in hours.

Crypto Market Faces Liquidation of $1 Billion

The cumulative market of all major cryptocurrencies has dumped around $120 billion in market capitalization within a day with the crypto market totaling $1 billion, according to data from Bybt.

The enhanced volatility in a relatively short period has proved to be a fatal cause for leveraged traders.

Even though Bitcoin was mostly responsible for more than 50% of the entire number, the largest single liquidation came from EOS. The single trader lost more than $6 million on Huobi as the price of EOS slipped by 15% in a day.

Bitcoin’s price has jumped to a two-week low of just over $32,000 as more anti-Bitcoin news has emerged from China.

AgBank Releases  Public Statement Against Cryptocurrencies

In an announcement on 21^st June, the Agricultural Bank of China, the country’s third-largest bank by assets released a statement announcing that prohibits its clients from dealing with any digital assets.

If any users were found dealing with crypto transactions, the bank would terminate the customer accounts and would report the issue to relevant authorities “in a timely manner.”

The statement was originally published in Chinese on its website and translated to English and shared across social media sites.

I found the article before the deletion of the Agricultural Bank of China and translated it using Google. The other is the previous statement of other banks in China. You can compare it by yourself. pic.twitter.com/il6LtTgxPy

— Wu Blockchain (@WuBlockchain) June 21, 2021

Bitcoin’s price dropped below $32,000 shortly after the Chinese bank released the now-deleted announcement, with the altcoins losing up to double-digits.

AgBank is the first major state bank to make a public statement against cryptocurrencies after China’s State Council last month vowed to crack down on bitcoin trading and mining, citing dangers associated with speculative trading.

Meanwhile, on 18^th June, the government intensified its crackdown on cryptocurrency mining by ordering the closure of 26 suspected crypto mining projects in Sichuan.