Crypto Crash: XRP, Ethereum Leads Sell Off As Crypto Market Bleeds

Crypto shock: The global cryptocurrency market printed red indices as selling pressure mounted among traders. The cumulative market capitalization of digital assets fell 4% over the past day to stand at around $1.02 trillion. This comes in when the The Federal Reserve halts rate hikes for the first time in the last 15 months.

Also read: US SEC Refuses to Commit to Deadline in Coinbase Crypto Clarity Case

Cryptocurrency Settlement Exceeds $162 Million

coin data shows that more than 46K merchants were liquidated in the last 24 hours, while the total registered liquidations are around $162.2 million. However, the largest ETHUSDT liquidation order valued at $11.57 million was registered on the Binance cryptocurrency exchange.

It is important to note that $142.4 million, 87% of the total liquidation in the last 24 hours, turned out to be long positions established by traders. This suggests that traders were betting on a bullish move in the crypto market. However, Ethereum (ETH) recorded the lion's share of the selloff (worth about $60.5 million). Read more Crypto Crash news here...

Cardano, Solana drop more than 20%

Bitcoin (BTC) price declined by more than 4% in the last 24 hours as the largest cryptocurrency dipped below the crucial $25K level. Bitcoin is trading at an average price of $24,856, at press time. BTC dominance decreased to sit at around 47.57%. However, a further decline can also be expected in the future.

Ethereum (ETH) and Ripple's native crypto XRP turned out to be one of the biggest losers in the ongoing sell-off. The price of ETH and XRP has fallen more than 6% in the last 24 hours.

Cardano (ADA) and Solana (SOL) emerged as the biggest losers in the past 7 days. ADA and SOL prices decreased by 21% and 23%, respectively. This significant decline comes after the US Securities and Exchange Commission (SEC) alleged that Binance and Coinbase had multiple charges. However, it also listed ADA, SOL, Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP) and other cryptocurrencies as securities.

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Ashish believes in decentralization and has a keen interest in the evolution of Blockchain technology, the cryptocurrency ecosystem, and NFTs. His goal is to raise awareness of the growing crypto industry through his writing and analysis. When he's not writing, he's playing video games, watching a thriller, or playing sports outdoors. Contact me at ashish@coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication has no responsibility for your personal financial loss.