- Over the last 24 hours, Ethereum had dropped 4.6% and Bitcoin had dropped 3.5%.
- With $70.5 million in liquidations, of which $64.6 million were lengthy, Ethereum took the lead.
Over the last two days, there has been a significant selloff in the cryptocurrency market, which has resulted in a spike in liquidations.
The largest cryptocurrency by market capitalization, Bitcoin dropped 3.5% to $67,275 over the previous day, while Ethereum fell 4.6% to $3,495.
According to CoinGlass, throughout the last 24 hours, the selloff has resulted in the liquidation of leveraged positions worth roughly $270.4 million. $238 million, or a sizable amount, were long holdings.
Ether led the way with $70.5 million in liquidations, of which $64.6 million were lengthy, as was the case in the whole market. At $68.88 million, bitcoin came in close second. With $99.7 million at the time of writing, Binance was the largest exchange to go through liquidations.
The 30 biggest cryptocurrencies are tracked by the GMCI 30, which fell 4.6% to 135.58, the lowest level since May 20.
Ahead of Wednesday’s double-dose of macroeconomic releases—the Federal Reserve’s monetary policy decision and the monthly Consumer Price Index report—markets are down.
Prior to today, Luuk Strijers, CEO of Deribit, stated that there is an unusually high correlation between bitcoin and riskier investments.
As more information about the economic picture becomes available, traders are probably going to be more cautious, possibly lowering their exposure or hedging with option techniques.
For ether and bitcoin, implied volatility has decreased across the curve. According to Strijers, all stated expiries continue to have significant basis yields and call skews despite the current short-term uncertainties.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
