The bloodbath in the crypto market continued as sentiment dropped to extreme fear and total crypto market cap slumped nearly 5% in the last 24 hours.
Bitcoin and major altcoins failed to move higher, causing a mass liquidation of long orders in the past few hours. The two largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) have fallen nearly 5% and 6% in the last few hours.
Crypto Market Falls Drastically
According to data from Coinglass, the crypto market saw a total liquidation of $123 million in the last 4 hours, with long orders accounting for 95% of liquidations. Moreover, over the previous 24 hours, 75k traders were liquidated, with total liquidations worth over $225 million. Also, crypto exchange Okex witnessed 98% liquidations, with the largest single liquidation order valued at $3.33 million.
Bitcoin (BTC) and Ethereum (ETH) prices have failed to hold key levels in the last 24 hours. In the last four hours, BTC plunged 5% and ETH dropped 6%, with the current price trading near $38,947 and $2917, respectively. Both Bitcoin and Ethereum prices have fallen to their 1-month low.
Other cryptocurrencies too dived lower in response. In the last 24 hours, XRP, Cardano, Solana, Terra, Avalanche, and Dogecoin prices have slipped nearly 6%.
The crypto market had been in a downtrend in the last week amid the Fed rate hike and monetary policy decisions and continued negative sentiment in the market.
Bitcoin and Ethereum Prices Slips Over 7% in a Week
Bitcoin and Ethereum prices have plunged to their 1-month lowest levels as a result of short selling and profit booking in the last 7 days. According to the on-chain platform Santiment, both the largest cryptocurrencies have been showing signs of capitulation, with traders selling at loss, in the last week. Moreover, crypto analysts have also warned about Bitcoin and Ethereum falling below key levels.
Bitcoin’s (BTC) price could dive further if it breaks below the $37k support level. Also, Ethereum’s (ETH) price may witness more selling if it drops below the $28k level. However, whale buying might bring an upward movement in the crypto market.