The crypto industry has shed 6.8% of its value within the last 24 hours, with over $300 million positions liquidated in the bloodbath.
Bitcoin’s price lost 6.6% of its value during the last 24 hours, trading for as low as $20,042 during this time frame.
Over the last seven days, Bitcoin has shed roughly 4% of its value. The asset is currently trading at over 70% away from its all-time high.
According to Coinglass data, the total Bitcoin liquidations in the last 24 hours stand at $83 million.
Meanwhile, Bitcoin’s market cap has also crashed by 50% from the nearly $900 billion recorded at the beginning of this year to the current figure of $387 billion.
Ethereum Sheds Over 11% in 24 Hours
Ethereum experienced a much significant drop as its value fell by 11.7% to trade below $1,500 for the first time in weeks. The decline meant that gains made from the merge anticipation in recent weeks have been wiped off the market.
Over the last seven days, Ethereum has shed over 7% of its value and it is trading at almost 70% away from its ATH.
The red candle also liquidated over $135 million positions in Ethereum.
Altcoins in Red
Other major cryptocurrencies also experienced sharp declines, with several traders losing millions.
Ripple-backed XRP fell by 5.6%, liquidating $2.66 million, while Solana dropped by 9.9%, liquidating $6.81 million.
Additionally, the 11.5% drop in Ethereum Classic value has led to over $16 million in liquidation. The total crypto liquidation in the last 24 hours is now around $317 million.
Apart from that, the crypto market has seen its market cap drop to around $1.02 trillion as roughly $70 billion has been wiped off the space.
The Federal Reserve Connection
The recent market decline can be tied to the statements of Federal Reserve Chair Jerome Powell that the US economy should prepare for more pain.
According to Chairman Powell, the federal bank is committed to containing the rising inflation by introducing more stringent policies to the economy.
Several market analysts have interpreted this to mean that the authorities could hike the interest rate again during its September meeting.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
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