Bitcoin, Ethereum Both Dropped Roughly 8% Over the Past Week

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Top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have posted severe losses over the past week.

Bitcoin, the leading cryptocurrency with a market capitalization of roughly $382 billion, has plummeted 7.9% over the past week. It trades at around $19,990, down 1.6% over the past 24 hours, per data from CoinMarketCap.

Bitcoin held range-bound this week, trading between a weekly high of $21,804.91 and a low of $19,600.79.

The week’s bearish price action puts Bitcoin down 71.07% from its historical all-time high of $68,789.63 recorded in November 2021, according to data from CoinMarketCap.

Bitcoin long trades worth $166.42 million have been liquidated over the past week, too, per data from Coinglass. Short positions worth $85.37 million were liquidated over the same period.

Green bars represent blown-out Bitcoin long positions. Source: Coinglass.

The reason behind Bitcoin’s bearish week is likely the hawkish comments on the upcoming rate hike by U.S. Fed Chair Jerome Powell. Another 75-basis point hike is expected when the Fed meets later this month.

Ethereum follows Bitcoin

Despite the merge event just around the corner, Ethereum has also lost over 8% in the last week. 

On a daily note, the second-largest cryptocurrency is trading at roughly $1,556, down 2% over the past 24 hours, per data from CoinMarketCap.

Ethereum reached a weekly high of $1,698.56, suggests data from CoinMarketCap. Still, the cryptocurrency has lost 68.44% of its value since its November 2021 all-time high of $4,891.70.

Ethereum liquidations have been nearly twice that of Bitcoin over the past week due to the asset’s extreme volatility.

Chart indicating blown-out long positions over the past week. Source: Coinglass.

Long trades worth a whopping $325.929 million have been liquidated in the past seven days. Short trades worth $262.41 million were also liquidated over the same period, as per data from Coinglass

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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