cryptocurrency

Cryptocurrency Market Stumbles, Over $600 Million Liquidated In Last 24 Hours

 

  • Bitcoin is now trading at approximately $21,485, down 8.2% on the day.
  • With $201.3 million, Bitcoin is the most liquidated asset, followed by Ethereum with $132.7 million.

Today, the leading cryptocurrency, Bitcoin (BTC), fell to a new weekly low of $21,344, according to data from CMC, continuing a three-day trend of unfavorable price action. Despite a daily volume increase of 7.69%, Bitcoin is now trading at around $21,485, down 8.2% on the day.

BTC/USDT: Source: TradingView

The Bitcoin market valuation has fallen from $1.27 trillion in November last year to less than $417 billion today. The price of Ethereum has dropped to nearly $1,728 in the past 24 hours, down 6.2%. Ethereum It is the second largest cryptocurrency in terms of market size.

Bears start to take over

According to statistics compiled by CMC, the market capitalization of ETH has fallen to $211.5 billion and the price is 64.49 percent lower than its November high of $4,891. Coinglass data reveals that amid unfavorable price action, approximately $537 million has been liquidated from 156,155 cryptocurrency traders in the past 24 hours.

With $201.3 million, Bitcoin is the most liquidated asset, followed by Ethereum with $132.7 million. In the case of the two most popular cryptocurrencies, the vast majority of transactions were the result of buys being wiped out.

according to CMCOther cryptocurrencies such as Binance Coin (8%), Solana (11.6%), Polygon (11.8%), and Avalanche (14.3%) have also experienced massive losses in the past 24 hours. As a result of the expected rate hike by the Federal Reserve next month and lower DeFi activity, the market has been behaving negatively.

Louis Fed President James Bullard is said to support a 0.75 percentage point rate hike by next month. San Francisco Fed President Mary Daly also confirmed to Reuters that a 0.50% rate hike to 0.75% will occur next month.

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