Over the past 24 hours, the value of the crypto industry has fallen by 6.8%, with more than $300 million in positions being liquidated. Over the past seven days, Bitcoin has lost about 4% in value.
The asset is currently trading more than 70% below its all-time high. In the past 24 hours, Bitcoin liquidations totaled $83 million, according to data from Coinglass. At the same time, Bitcoin’s market cap has plummeted from nearly $900 billion at the start of the year to its current $387 billion, a 50% drop.
Ethereum, on the other hand, lost more than 11% in 24 hours, and after a sharp drop, its value fell 11.7%, falling below $1,500 for the first time in weeks.
That means the gains made in recent weeks on M&A expectations have vanished from the market. In the past 7 days, the value of Ethereum has dropped by more than 7%, which is almost 70% different from ATH.
Additionally, the red candle also liquidated over $135 million in Ethereum positions.