The global crypto market capitalization hovered substantially lower, losing about 7% within the past 24 hours to $909.80 billion.
Crypto markets extended their plunges to the new week as markets await the United States Fed conference outcome. Bitcoin sled beneath $19K. While publishing this content, BTC traded at $18,575, dropping approximately 7.46% within the past day.
Consequently, the altcoin market suffered a massive blow. Ethereum lost as much as 10%, weakly holding $1.3K during this publication. Some analysts trust the ETH merge didn’t come at the correct time.
All large-cap cryptos are trading with massive cuts. Ethereum, Avalanche, Cardano, Polygon, and Shiba Inu dropped by up to 11%. Meanwhile, XRP, Solana, Dogecoin, and Polkadot surrendered 7-9% over the past 24 hours.
Such tendencies had the global crypto market wavering substantially lower, losing around 7% over the last day to $909.80 billion. Nevertheless, the trading volume jumped by 45% to $69.53 billion.
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More Than 122K Investors Liquidated
The sudden slump saw 122,387 traders liquidated within the past day, with liquidations totaling $376.09 million. Bitmex experienced the highest single liquidation order – $10 million. The crypto market remained red during this publication.
A disappointing CPI (Consumer Price Index) early last week welcomed the downward journey for Bitcoin, with the leading crypto sliding from levels above $22K. Nevertheless, the data signaled that the United States central banks had more work to contain inflation.
While expecting a minimum 75bp hike, as the Fed maintains a hawkish stance, market players will focus on the FOMC’s (Federal Open Market Committee) move on new interest rate increases this week. What do you think? You can comment below.