The crypto industry has lost 6.8% of its value in the past 24 hours, with over $300 million in positions liquidated in the bloodbath.
Bitcoin price has lost 6.6% of its value in the past 24 hours, trading at $20,042 during this time.
Over the past seven days, Bitcoin has lost around 4% of its value. The asset is currently trading at over 70% of its all-time high.
According coin glass data, Bitcoin’s total liquidations in the past 24 hours stand at $83 million.
Meanwhile, Bitcoin’s market capitalization has also fallen by 50%, from the nearly $900 billion recorded at the start of this year to the current figure of $387 billion.
Ethereum loses more than 11% in 24 hours
Ethereum saw a very significant decline as its value dropped 11.7% to trade below $1,500 for the first time in weeks. The decline means that the gains made on the anticipation of the merger over the past few weeks have been erased from the market.
Over the past seven days, Ethereum has lost over 7% of its value and it is trading near 70% of its ATH.
The red candle also liquidated over $135 million in positions in Ethereum.
Altcoins in red
Other major cryptocurrencies also saw steep 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 resulted in a liquidation of over $16 million. The total crypto liquidation in the past 24 hours is now around $317 million.
Other than that, the crypto market has seen its market capitalization drop to around $1.02 trillion, while around $70 billion has been wiped out of space.
The Federal Reserve Connection
The recent market decline may be linked to statements by Federal Reserve Chairman Jerome Powell that the US economy should prepare for more pain.
According to President Powell, the federal bank is committed to containing rising inflation by introducing tighter policies in the economy.
Several market analysts interpreted this to mean that the authorities could raise interest rates again at their September meeting.
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