The global crypto market dropped by another 6% over the past day. The cumulative market cap shrunk drastically to stand at $912.3 billion. However, 24 hour trading volume has jumped by a whopping 65% to stand at $81.1 billion. Meanwhile, the biggest cryptos like Bitcoin and Ethereum have dropped by 6% and 10% respectively.
Ethereum faces massive liquidation post merge
The correlation between the traditional market and macroeconomic conditions has played a major role in increasing fear among investors.
As market indices printed red indexers, investors have shifted a huge amount of their money out over the past 24 hours. According to Coinglass, over 124K traders have liquidated more than $420 million worth of funds from the crypto market in the last 24 hours.
The largest single liquidation of $10 million took place on the BITMEX exchange.
Meanwhile, the data suggest that over $161 million have been liquidated from the second largest cryptocurrency, Ethereum. ETH has led the amount of liquidation over the past 24 hours. However, this was not expected just after the historic Ethereum merge.
Ethereum prices have dropped by around 10% over the past day. ETH is trading at an average price of $1,309. It went on to dip under the crucial $1.3k price level to trade at $1,289. However, its 24 hour trading volume has surged by 101% to stand at $20.6 billion.
The Ethereum prices have dropped by around 25% over the past 7 days, that too amid and after the most anticipated Ethereum Merge.
BTC down by 16% in past 7 days
Bitcoin, the largest cryptocurrency has also dropped by 6% in the same period. BTC is trading at an average price of $18,745, at the press time. However, its 24 hour trading volume has also surged by 60% to stand at $39.7 billion.
As per the data, more than $120 million amount of funds has been moved out of Bitcoin in the last 24 hours.
Amid this major drop in the market, Helium prices have managed to gain by 3% over the past 24 hours. It is trading at an average price of $4.66, at the press time.
