Crypto Market Fumbles, Over $600M Liquidated in Last 24 Hours

Crypto Market Fumbles, Over $600M Liquidated in Last 24 Hours
  • Bitcoin is now trading at roughly $21,485, down 8.2% on the day.
  • With $201.3M, Bitcoin is the most liquidated asset, followed by Ethereum with $132.7M.

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

BTC/USDT: Source: TradingView

Bitcoin’s market valuation has dropped from $1.27 trillion in November last year to less than $417 billion today. Ethereum’s price has dropped to roughly $1,728 in the last 24 hours, a decrease of 6.2%. Ethereum is the second biggest cryptocurrency by market size.

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According to statistics compiled by CMC, ETH’s market value has decreased to $211.5 billion and the price is 64.49 percent lower than its November all-time high of $4,891. Coinglass data reveals that amid the unfavorable price movement, almost $537 million has been liquidated from 156,155 traders in the crypto market during the previous 24 hours.

With $201.3M, Bitcoin is the most liquidated asset, followed by Ethereum with $132.7M. In the case of the two most popular cryptocurrencies, the great majority of transactions were the result of wiped-out long positions.

According to CMC, other cryptocurrencies such as Binance Coin (8%) and Solana (11.6%) and Polygon (11.8%) and Avalanche (14.3%) have also seen massive losses during the previous 24 hours. As a result of the Fed’s anticipated rate rise next month and the decreased DeFi activity, the market has been acting negatively.

President James Bullard of the Federal Reserve Bank of St. Louis reportedly supports a rate rise of 0.75 percentage points by next month. Mary Daly, president of the Federal Reserve Bank of San Francisco, has also confirmed to Reuters that a rate rise of 0.50% to 0.75% will occur next month.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.