The two most valued cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) fell below $20,000 and reached $1,000 respectively, thus plummeting several points on the morning of July 12.
Most cryptocurrencies ended in the green last week, making it a bullish week. After weeks of bouncing above and below it, Bitcoin (BTC) has also managed to hold above its $20,000 support level.
In the last 24 hours, however, Bitcoin (BTC) is trading close to its seven-day low of $19,341.23 and has lost 3.72%.
Ethereum (ETH), on the other hand, has had a 6.7% drop that marks a fall from its all-time high of $4,891.70 by 78.14%, by falling to about $1,068 in the last 24 hours.
More than 62,000 traders were liquidated in the cryptocurrency market during the bearish price action. Over the same time period, more than $180 million was liquidated.
Just in the last 24 hours, Bitcoin (BTC) has experienced a liquidation of $59.95 million followed by Solana (SOL) with $3.42 million, and Ethereum (ETH) heading the liquidation with approximately $62 million.
Since reaching an all-time high of around $367.6 billion on May 20, 2021, the entire trading volume of cryptocurrencies has decreased to just over $50 billion, a reduction of 86%.
Numerous miners have been compelled to sell their shares in order to pay operating expenses due to the long-term negative swing in the price of Bitcoin (BTC). Long-term Bitcoin (BTC) owners are seeing losses of up to 33%, as of currently.
Ultimately, following the 75-basis point increase that the U.S. Fed announced last month, cryptocurrency prices began to decline. On July 26, the Fed will meet once more, and another increase of 75 basis points is anticipated by many.