The overall value of liquidated positions on a 24-hour basis rises once more, approaching $400 million. The entire cryptocurrency market has turned red, with ETH taking the lead after a 10% daily drop.
The price of Ethereum had already been struggling after the long-awaited Merge, as it appears Mark Cuban's prediction of a sell-the-news circumstance came true.
The asset was trading around $1,600 last Thursday when the Merge was finally completed, but it began to fall hours later. It approached the weekend at around $1,450, but the past 12 hours have been brutal for bulls, with ETH falling below $1,300 for the first time since mid-July.
The rest of the market isn't faring much better. Bitcoin surged to just over $20,000 yesterday, but the primary cryptocurrency has also taken a significant hit and is now trading below $19,000.
Cardano, Polkadot, Shiba Inu, and Polygon have also dropped by up to 10% compared to the larger-cap altcoins. Lower and mid-cap alts are also suffering, with Uniswap, NEAR, Litecoin, and Chainlink all experiencing double-digit losses.
On CoinMarketCap, the total crypto market cap is falling by $60 billion per day to just over $900 billion. These adverse price movements come ahead of increases in interest rates anticipated from the US and European Central Banks this week.
Given the increased volatility, it's no surprise that total liquidations have risen to just under $400 million on a regular basis. They have reached $300 million in the last 12 hours alone.
Over 120,000 traders have destroyed their positions, with the single largest liquidation on BitMEX - worth $10 million - taking place.
How long do you think the market will be in a bearish position? Will it recover quickly? Let us know your opinions by sharing this article on social media.
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