The crypto market bloodbath is stronger than ever. All the assets are bleeding, and the total market cap has dipped below $1 trillion again. The ongoing market downturn can be attributed to several macroeconomic factors, such as higher-than-expected CPI data and heightened Fed rate hikes. The recently executed Ethereum Merge is also being blamed by many as a ‘buy the rumor, sell the news event.’
The prevailing market situation has resulted in nearly half a billion in liquidations for the leverage crypto traders over the last 24 hours. Coinglass’s data highlights that 130,087 traders were liquidated with a net liquidations value of $431.51 million. Notably, Bitcoin (BTC) leverage traders lost $44.5 million, followed by Ether (ETH) traders with $8.39 million in total liquidation.
Popular trader Clark believes that the market could again turn bullish towards the end of the year.