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 earlier decreased below $1,300, while Bitcoin has plummeted below $19,000. In the previous 24 hours alone, the market capitalization of cryptocurrencies has changed by more than6 percent, dropping below $950 billion. Investors had hoped for more encouraging results, especially after patiently enduring a persistent “crypto winter” in 2022. Investors are becoming more fearful as a result of the correlation between the traditional market 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 greatest single liquidation of $10 million. In the meantime, the figures indicate that Ethereum, the second-largest cryptocurrency, has seen liquidation of over $161 million. Over the last 24 hours, ETH has experienced the most liquidation. After the Ethereum merge, this was not expected by the investors.
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, has also declined by 3% and at the time of publication, the average price of BTC is $19,099. According to the data, almost $120 million worth of money has been transferred out of Bitcoin over the past 24 hours.