Crypto Market Cools Off as $500 Million Gets Wiped Out, Bitcoin and Ethereum Face Losses

After a week of significant gains, the crypto market seems to be cooling-off with most digital assets witnessing declines.

Bitcoin’s price dropped 2.3% in the past 24 hours below $95,000, but is still up 5.8% on the weekly chart. The flagship cryptocurrency has a market cap of $1.896 trillion and a 24-hour trading volume of $48 billion.

During this period, positions worth $493.18 million were wiped out – $385.67 million in longs, and $107.51 million in shorts, according to data from Coinglass.

Despite this price drop, the 1-day technical analysis from TradingView remains bullish with the summary pointing to “buy” at 15, moving averages show “strong buy” at 13, and oscillators remain “neutral” at 7.

The total cap of the crypto market declined by 2.83% in the past 24 hours and is currently at $3.26 trillion.

Ethereum lost 3.6% of its value in this timeframe with a trading volume of $29 billion. Nevertheless, ETH is still up 6.4% in the past 7 days and has a market cap of around $399 billion.

The biggest loser today is XRP, which lost over 11% with volumes reaching $11 billion. The altcoins is still up 24.7% this week, following the major price surge we witnessed some days ago.