As negative sentiments mount, leading cryptocurrencies Bitcoin and Ethereum have plummeted at least 8% over the week.
Top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have posted severe losses over the past week.
Bitcoin, the leading cryptocurrency with a market capitalization of roughly $382 billion, has plummeted 7.9% over the past week. It trades at around $19,990, down 1.6% over the past 24 hours, per data from CoinMarketCap.
Bitcoin held range-bound this week, trading between a weekly high of $21,804.91 and a low of $19,600.79.
The week’s bearish price action puts Bitcoin down 71.07% from its historical all-time high of $68,789.63 recorded in November 2021, according to data from CoinMarketCap.
Bitcoin long trades worth $166.42 million have been liquidated over the past week, too, per data from Coinglass. Short positions worth $85.37 million were liquidated over the same period.
A chart showing various liquidated longs and shorts.
Green bars represent blown-out Bitcoin long positions. Source: Coinglass.
The reason behind Bitcoin’s bearish week is likely the hawkish comments on the upcoming rate hike by U.S. Fed Chair Jerome Powell. Another 75-basis point hike is expected when the Fed meets later this month.
Ethereum follows Bitcoin
Despite the merge event just around the corner, Ethereum has also lost over 8% in the last week.
On a daily note, the second-largest cryptocurrency is trading at roughly $1,556, down 2% over the past 24 hours, per data from CoinMarketCap.
Ethereum reached a weekly high of $1,698.56, suggests data from CoinMarketCap. Still, the cryptocurrency has lost 68.44% of its value since its November 2021 all-time high of $4,891.70.
https://crypto.com/price/ethereum?utm_medium=widget&utm_campaign=CoinListClassic&utm_source=decrypt.co&utm_id=ethereum
Ethereum liquidations have been nearly twice that of Bitcoin over the past week due to the asset’s extreme volatility.
Long trades worth a whopping $325.929 million have been liquidated in the past seven days. Short trades worth $262.41 million were also liquidated over the same period, as per data from Coinglass.