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

Crypto Crash: The global cryptocurrency market printed red indexes as selling pressure among traders increased. The cumulative digital asset market cap dropped by a massive 4% over the past day to stand at around $1.02 trillion. This comes in when the Federal Reserve pauses rate hikes for the first time in the last 15 months.

Crypto Liquidation Breaches $162 Mln

Coinglass data depicts that more than 46K traders were liquidated in the last 24 hours, while, the total liquidations recorded stands at around $162.2 million. However, the single largest liquidations order of ETHUSDT valued at $11.57 million was registered on the Binance crypto exchange.

It is important to note that $142.4 million, 87% of the total liquidation over the last 24 hours turned out to be long positions set by the traders. This suggests that the traders were betting on an upward movement in the crypto market. However, Ethereum (ETH) recorded the most of the liquidation (approx worth $60.5 million).

Bitcoin (BTC) price declined by more than 4% in the last 24 hours as the biggest crypto dropped below the crucial $25K level. Bitcoin is trading at an average price of $24,856, at the press time.

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