$400 million worth of liquidations occurred in the past 24 hours owing to intensified losses in the crypto market.
After moving horizontally near $21.5k during the week, Bitcoin (BTC) intensified its drop and fell by more than a grand, spurred by SEC chair Jerome Powell’s hawkish remarks on curbing inflation. At the time of writing, Bitcoin was trading at $20.1k, down by 6.20% from the previous day. Ethereum (ETH), after riding high above $1.7k for two days, plunged below $1.5k, down by 10.4% in the last 24 hours, wiping off the weekly gains.
The altcoins suffered the same fate, witnessing double-digit losses, pulling the total crypto market cap below the $1 trillion mark. The intensified losses and volatility also led to $400 million of liquidations in the last 24 hours.