Crypto Market Crashes – $1.24 Billion in Positions Wiped Out

The crypto sell-off continues as the bearish trend takes form with Bitcoin and most altcoins taking major hits.

After Jerome Powell’s recent remarks on the plausability of adding Bitcoin to the U.S. national reserve, the crypto market took a serious downturn.

The negative sentiment pushed BTC to around $93,000 after the recent $108,000 peak. The top digital asset is down 9% in the past 24 hours to $107 billion market cap and has $107 billion trading volume.

Ethereum lost 15% of its value during the same period with its price currently hovering around $3,150. The altcoin is down almost 20% for the past 7 days. The 24-hour trading volume reached $69 billion with its market cap dropping to $384 billion.

The total cryptocurrency market cap has declined 10.46% and is currently $3.18 trillion.

In the past 24 hours $1.24 billion in positions were wiped out from the crypto market – $1.07 billion in longs and $163.55 million in shsorts, according to CoinGlass data . Ethereum and Bitcoin accounted for the largest amount – almost $590 million in liquidations

The 1-day technical analysis from TradingView also reflects the extremely bearish sentiment with the summary, moving averages and oscillators pointing to “sell” at 11, 8 and 3, respectively.