Crypto Liquidations over $300M, Bitcoin and Ethereum Dump over 6%

The crypto industry has lost 6.8% of its value in the last 24 hours, with over $300 million of liquidated positions in the bloodbath.

The price of Bitcoin lost 6.6% of its value over the last 24 hours, trading as low as $20,042 during this time period.

Over the last seven days, Bitcoin has lost approximately 4% of its value. The asset is currently trading at more than 70% of its all-time high.

According to data from Coinglass, the total Bitcoin liquidations in the last 24 hours amount to 83 million dollars.

Meanwhile, the market capitalization of Bitcoin has also plummeted by 50% from nearly $900 billion recorded earlier this year to the current figure of $387 billion.

Ethereum saw a very significant drop as its value dropped 11.7% to trade below $1,500 for the first time in weeks. The decline meant that gains made on merger anticipation in recent weeks have disappeared from the market.

In the last seven days, Ethereum has lost more than 7% of its value and is trading almost 70% away from its ATH.

The red candle also liquidated over $135 million of Ethereum positions.

Other major cryptocurrencies also saw sharp declines, with several traders losing millions.

Ripple-backed XRP fell 5.6%, liquidating $2.66 million, while Solana fell 9.9%, liquidating $6.81 million.

Additionally, the 11.5% drop in value of Ethereum Classic has led to a liquidation of over $16 million. The total crypto settlement in the last 24 hours is now around $317 million.

Other than that, the crypto market has seen its market cap drop to around $1.02 trillion as roughly $70 billion has been cleared from the space.

The recent market decline can be linked to Federal Reserve Chairman Jerome Powell’s remarks that the US economy should prepare for more pain.

According to Chairman Powell, the federal bank is committed to containing rising inflation by introducing tighter policies on the economy.

Several market analysts have interpreted this to mean that the authorities could raise the interest rate again during their meeting in September.