About 62K crypto traders liquidated with both Bitcoin and Ethereum taking a tumble on the daily markets with BTC falling below $20,000 and ETH standing below $1000 so let’s have a closer look at today’s latest altcoin news.
Bitcoin crashed overnight with the leading crypto dropping to new levels at $19,621 as per the data from CoinMarketCap. Last week was a bullish one for cryptocurrencies with most ending up in the green but BTC managed to stay above the $20K support after weeks of being in the red. BTC however shed 4.72% over the past 24 hours and now it is tradign closer to the seven-day low of $19,341 as the data from CoinMarketCap shows. The market cap of the biggest crypto crashed from $1.27 trillion to under $377 billion. As for ETH, the second biggest crypto with a market cap of $129 billion slipped to $1068 which is a 6.7% decline in the past day.
Amid the bearish market sentiment, more than 62K crypto traders liquidated on the markets and over $180 million was also liquidated in the same timeframe. Ethereum leads liquidations with $62 million in the past day right after Bitcoin with $59.95 million and Solana with $3.42 million. The main drivers behind the bearish price action are crashing the crypto trading volumes and the miner selling pressure as well as the high expectations f the rate hike from the FED.
The total trading volume of crypto dropped to above $50 billion which is a 86% decline from the ATH of $367 billion as per the data from CoinMarketCap. The long-term bearish movement in the BTC price forced most miners to offload their holdings and to cover the operational costs, as one report from Glassnode reads:
“With the loss of the $30k price level, miners and long-term holders (LTHs) have come under stress.”
Right now, the long-term holders of BTC are facing losses of 33%. cryptocurrencies flipped bearish after the new rate hike by the US Fed and now the FED is meeting again with many expecting another point hike.
The adverse price developments continued in the past 24 hours and BTC slipped to the lowest position in one week below $20,000. The altcoins are not doing much better either with ETH dumping by 7% and UNI by 8% after a recent phishing attack.
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