Cryptocurrency market loses $200 billion, market capitalization falls below $3.1 trillion

The virtual currency market crashed, dropping 8% in one day and wiping out about $200 billion in market capitalization. According to CryptoPotato on the 25th (local time), the market capitalization was 3.1 trillion.
The figure fell to below 0 billion dollars (approximately 30 trillion yen), the lowest since mid-November last year.
The increase that occurred after the election victory of US President Donald Trump has almost disappeared.
Some analysts have warned that if the market capitalization falls below $3 trillion, the long-term support level will collapse and the bull market could come to an end.
According to CoinGlass, over 314,000 traders were liquidated with a combined total of $1 billion in positions over the course of 24 hours.
In particular, over 90% were long (buying) positions, with the $10 million Bitcoin liquidation that occurred on BitMEX being the largest on a single order basis.