Bitcoin and Ethereum Woes Liquidate Over $433M in Long Positions

Leading Cryptocurrency Bitcoin (BTC) dropped to a 3-month of $18,390 in continuation of its bearish price action over the weekend.

Data from CoinMarketCap shows that Bitcoin now changes hands at around $18,440, down 8% over the past 24 hours.

Bitcoin’s has lost over 17% of its value over the past week, and is down over 73% from its all-time high of $68,789.63 in November 2021.

The market capitalization of Bitcoin has more than halved, plummeting from $1.27 trillion last November to under $354 billion today.

Ethereum, the second largest cryptocurrency by market cap, has slipped to under $1,300, a 11% decline over the past 24 hours.

Following its merge on 15th September, Ethereum has lost more than 20% of its value, with its market cap now standing at around $159 billion.

ETH is down 73.30% from its all-time high of $4,891.70 recorded in November 2021, per data from CoinMarketCap.

Amid today’s bearish price action, over $433 million from over 131,000 traders has been liquidated in the crypto market over the past 24 hours.

Of the $433 million liquidated, over $379 million, or 87%, were long positions, indicating the market’s bearish trend.

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