Despite a few positive developments earlier this month, the cryptocurrency market is currently on a downward trend as Bitcoin (BTC) is once again trading below the $20,000 mark. Even while Ethereum successfully accomplished the transition to proof-of-stake, its price has fallen dramatically as well.
Ethereum had previously dropped below $1,300, while Bitcoin declined below $19,000. In the past 24 hours alone, the market capitalization of cryptocurrencies has changed more than 6%, dropping below $950 billion. Investors were expecting more encouraging results, especially after patiently enduring a successive “crypto winter” in 2022. Investors are becoming more fearful as a result of the correlation between traditional markets and macroeconomic problems.
Investors have moved a significant chunk of their money out over the past 24 hours as market indices printed red indexers. Over 124K dealers liquidated more than $420 million in assets from the cryptocurrency market in the last day, according to Coinglass.
The BitMEX market saw the largest single liquidation of $10 million. Meanwhile, statistics show that the second largest cryptocurrency, Ethereum, has seen liquidations of over $161 million. In the past 24 hours, ETH has experienced the most liquidations. After the merger of Ethereum, investors did not expect this.
Liquidations on the rise
Over the past day, ethereum prices have decreased by about 4%. ETH is currently trading at $1,340. In order to trade at $1,289, it continued to decline below the critical $1.3k price level. Its 24-hour trading volume has increased by 101% to $20.6 billion, nevertheless.
The largest cryptocurrency, Bitcoin, is also down 3% and at the time of publication, BTC has an average price of $19,099. According to statistics, around $120 million worth of money has been transferred from bitcoin in the last 24 hours.
