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.

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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.

Alexander Zdravkov