Bitcoin and Ethereum plummeted amid continued market volatility, bringing the industry back below $1 trillion.

Bitcoin and Ethereum Plummet 8%, Erasing Yesterday's Bullish Gains

Top cryptocurrencies in Bitcoin and Ethereum dropped roughly 8%, wiping all gains enjoyed earlier in the week.

Bitcoin (BTC), the leading cryptocurrency with a market capitalization just north of $357 billion, has plummeted 7.5% over the past 24 hours. As of this writing, BTC changes hands at around $18,666 per data from CoinGecko.

On a weekly note, Bitcoin has posted modest losses of around 1%, highlighting the asset’s bumpy week.

Bitcoin held range bound over the past seven days, trading between a weekly high of $20,388.46 recorded yesterday and a low of $18,290.32.

Today’s bearish price action puts Bitcoin down 73% from its historical all-time highs of $68,789.63 recorded in November 2021, according to data from CoinGecko.

Bitcoin also leads liquidations over the past 24 hours, reports Coinglass. 

More than 82% of Bitcoin long trades totaling $44.08 million have been liquidated in the last day. Short positions worth $9.56 million were liquidated over the same period.

Ethereum Below $1300

Since the merge, Ethereum (ETH) has failed to continue its bullish momentum. 

The second-largest cryptocurrency by market capitalization has posted severe losses of 7.8% over the past 24 hours, per data from CoinGecko.

Ethereum failed to hold above its $1,300 support and trades at around $1,274 at the time of writing.

Yesterday, ETH posted tremendous gains and reached a weekly high of $1,396.89, all of which have been nullified, however, by today’s bearish move.

On a weekly note, ETH is down 3.48%, and the cryptocurrency has lost 73.78% of its value since its November 2021 all-time high of $4,891.70.

Ethereum follows Bitcoin in liquidations and is the second-largest liquidated asset over the past 24 hours, suggests data from Coinglass.

Long trades worth $32.88 million were liquidated in the past 24 hours. Short trades worth $6.35 million were also liquidated over the same period.

The crypto market’s short-term bearish price action can likely be attributed to the rate hikes by multiple central banks across the globe. Further comments on regulating DeFi and stablecoins by U.S Fed Chair Jerome Powell may have also had an impact.

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