The cryptocurrency market has witnessed a striking decline in the early hours of the day. The leading cryptocurrency, Bitcoin (BTC), dropped to levels as low as $25,400 during the day. The total market value of the cryptocurrency ecosystem also retreated to around $1.06 trillion, according to CoinMarketCap (CMC) data. Additionally, more than $1 billion worth of short and long positions were liquidated, according to Coinglass data.
The cryptocurrency market experienced one of its sharpest declines in recent times in the early hours of the day. The leading cryptocurrency, Bitcoin (BTC), plummeted from around $28,500 to $25,400 within hours, along with the losses it recorded. BTC recorded a 7.5% loss in the last 24 hours and started trading at around $26,200 at the time of writing.
Ethereum (ETH), which lost more than 6% in the last 24 hours, fell to the $1670 level. The total market value of the cryptocurrency ecosystem also retreated to $1.06 trillion after the declines. Most high market cap cryptocurrencies have recorded significant losses since the early hours of the day.
Furthermore, the volatility in the cryptocurrency market, after weeks of sideways movement, has shown an increase again. According to Coinglass’s latest data, more than $1 billion worth of short and long positions were liquidated in the cryptocurrency market in the last 24 hours.
The majority of altcoins in the cryptocurrency market experienced one of the most striking declines in recent times when Bitcoin dropped to around $25,400 in the early hours of the day. With their latest losses, BNB fell to $217, XRP to $0.5, Cardano (ADA) to $0.26, Solana (SOL) to $21.9, Dogecoin (DOGE) to $0.062, and TRON (TRX) to $0.073.
Moreover, many cryptocurrencies recorded double-digit losses due to this striking decline in the cryptocurrency market during the day. Conflux (CFX), XRP, Litecoin (LTC), ApeCoin, Bitcoin Cash (BCH), and EOS recorded the highest percentage of losses among the top 100 cryptocurrencies in terms of market capitalization, according to CMC data.