In a stunning turn of events, the global cryptocurrency market witnessed a wave of panic selling, causing significant digital assets like XRP and Ethereum to plummet. The market’s decline was marked by a 4% drop in the cumulative digital asset market cap, now at approximately $1.02 trillion. Interestingly, this alarming situation coincides with the Federal Reserve’s decision to pause rate hikes for the first time in 15 months, suggesting a potential correlation between the two events.
According to data from Coinglass, a staggering number of traders, exceeding 46,000 individuals, experienced liquidation within the past 24 hours. The total value of liquidations reached a significant sum of $162.2 million. Notably, the largest single liquidation order of ETHUSDT, valued at an astonishing $11.57 million, occurred on the Binance crypto exchange.
What’s striking is that 87% of the total liquidation over the last day resulted from long positions established by traders, indicating their optimistic outlook on the crypto market’s upward movement. Unfortunately, Ethereum (ETH) took the most brutal hit, accounting for liquidations worth approximately $60.5 million.
Bitcoin (BTC) suffered a sharp decline of over 4% within the past 24 hours, plunging below the critical $25,000 level. At the time of reporting, Bitcoin is trading at an average price of $24,856. This drop in BTC value caused its dominance to decrease to around 47.57%, raising concerns of a further decline.
Among the significant casualties of this ongoing sell-off are Ethereum (ETH) and Ripple’s native cryptocurrency, XRP. Both assets experienced a staggering 6% drop in value within the last 24 hours, leaving investors in disbelief.
In a surprising turn of events, Cardano (ADA) and Solana (SOL) emerged as the biggest losers of the past week. ADA’s price declined by a concerning 21%, while SOL suffered an even more significant blow, plummeting by 23%. These substantial losses occurred amidst allegations made by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase, charging them with multiple offenses.
