Crypto Liquidations Over $300M As Bitcoin, Ethereum Dump Over 6%
The crypto industry has lost 6.8% of its value in the past 24 hours, with over $300 million worth of positions liquidated in the carnage.
Bitcoin’s price lost 6.6% of its value in the last 24 hours, trading as low as $20,042 during this time frame.
Over the past seven days, Bitcoin has lost about 4% of its value. The asset is currently trading over 70% away from its all-time high.
According to Coinglass data, total Bitcoin liquidations in the last 24 hours are $83 million.
Meanwhile, Bitcoin’s market cap has also crashed by 50% from nearly $900 billion recorded at the beginning of this year to today’s figure of $387 billion.
Ethereum loses over 11% in 24 hours
Ethereum experienced a significant drop as its value dropped 11.7% to trade below $1,500 for the first time in weeks. The decline meant that the gains from merger anticipation in recent weeks have been erased by the market.
In the last seven days, Ethereum has lost over 7% of its value and is trading almost 70% away from ATH.
The red candle also liquidated over $135 million of positions in Ethereum.
Altcoins in red
Other major cryptocurrencies also experienced sharp declines, with several traders losing millions.
Ripple-backed XRP fell 5.6% to liquidate $2.66 million, while Solana fell 9.9% to liquidate $6.81 million.
Additionally, the 11.5% drop in Ethereum Classic value has resulted in over $16 million in liquidation. The total crypto liquidation in the last 24 hours is now around $317 million.
Apart from that, the crypto market has seen its market cap drop to around $1.02 trillion as roughly $70 billion has been wiped off the space.
Federal Reserve Connection
The latest market decline can be linked to statements by Federal Reserve Chairman Jerome Powell that the US economy should prepare for more pain.
According to Chairman Powell, the Federal Reserve is committed to curbing rising inflation by introducing tighter policies for the economy.
Several market analysts have interpreted this as meaning that the authorities may raise interest rates again during their September meeting.
For Be[In]Crypto’s Latest Bitcoin (BTC) Analysis, click here.
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