The crypto market awoke to a stream of high-impact news that resulted in a flash sell-off. Over 130k crypto traders have been liquidated, with total liquidations at approximately $393 during the early New York trading session. Among the top, highly impactful news in the past 24 hours include the Huobi token (HT) flash crash, Whitehouse intentions to introduce a 30 percent tax on crypto mining electricity, and the Silvergate Capital total liquidations.

Notably, Bitcoin price fell as much as 10 percent to trade below $20k during the early hours of Friday. The biggest fear among the cryptocurrency holders is that last year’s correction is continuing, which could push Bitcoin towards $11k. On the positive side, whales are preparing to rake in more assets in preparation for next year’s Bitcoin halving event that brings forth a fresh bull market.

On-Chain Crypto Market Analysis

According to a report by on-chain analytics firm Santiment, cryptocurrency exchanges led in altcoins transfers, with 58,885,143 Polygon MATIC worth $62.1 million transferred in a single transaction today. Worth noting, Circle’s USDC emerged as the most sold token, closely followed by Tether USDT and DAI.

Similarly, USDC and USDT topped the most purchased tokens, according to a study by whalestats. However, WBTC was the third most purchased crypto token, thus indicating the possibility of price manipulation on Bitcoin by centralized exchanges.

Interestingly, the most used smart contract in the past 24 hours included DAI, WBTC, USDC, USDT, and LDO, in that order. Notably, Shiba Inu ranked as the seventh most used smart contract, putting in mind the highly talked about Shibarium layer 2 scaling solution.

Meanwhile, the Artificial Intelligence (AI) and Zero-Knowledge (ZK) coins led in the most traded crypto ecosystems in the past 24 hours.