8 percent drops in Bitcoin and Ethereum erase Weekend’s bullish gains
New York City: In the midst of ongoing market turbulence, Bitcoin and Ethereum fell, pushing the market back below $1 trillion.
The two biggest cryptocurrencies, Bitcoin and Ethereum, both fell by almost 8%, wiping out any gains made earlier in the week.
The price of Bitcoin (BTC), the most valuable cryptocurrency with a market valuation slightly over $357 billion, has dropped 7.5% in the last day. At the time of writing, one bitcoin costs around $18,666. Bitcoin has seen small weekly losses of around 1%, underscoring the asset’s rocky week.
Over the previous week, Bitcoin has remained range-bound, fluctuating between a weekly high of $20,388.46 reached yesterday and a weekly low of $18,290.32.
According to statistics from CoinGecko, Bitcoin is now down 73% from its historical all-time high, which was $68,789.63, set in November 2021, Bitcoin has also seen the most liquidations in the last day.
In the previous day, more than 82% of long Bitcoin deals worth $44.08 million were settled. Over the same time period, short bets totaling $9.56 million were closed.
Since the merger, Ethereum’s (ETH) upward momentum has stalled.
According to statistics from CoinGecko, the second-largest cryptocurrency by market value has suffered significant losses of 7.8% during the last day.
At the time of writing, Ethereum is trading at about $1,274 after failing to hold above its $1,300 support level.
The value of ETH is down 3.48% on a weekly basis, and it has lost 73.78% of its value since reaching an all-time high of $4,891.70 in November 2021.
According to statistics, Ethereum is the second-largest liquidated asset over the previous 24 hours and follows Bitcoin in liquidations.
In the previous day, long trades for $32.88 million were settled. Over the same time frame, short transactions for $6.35 million were also settled.
The rate increases by several central banks across the world are most likely to blame for the short-term unfavorable price movement in the cryptocurrency market. Additional remarks made by U.S. Fed Chair Jerome Powell on the regulation of DeFi and stablecoins may have also had an effect.