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According to statistics from CoinMarketCap, Bitcoin (BTC) continued to see unfavorable price movement for the third day in a row, plummeting to a weekly low of $21,814 today.
Bitcoin is selling at about $21,785 per unit after a brief bounce, down 6.9% daily despite a 7.69% increase in daily trading volumes.
Bitcoin's market value has more than halved, falling from $1.27 trillion in November last year to under $417 billion. The market value of Ethereum, the second-largest cryptocurrency, has also dropped to roughly $1,728 in the last day, a 6.2% drop.
According to information from CoinMarketCap, ETH’s market cap is currently $211.5 billion, down 64.49% from its all-time high of $4,891 in November.
According to data from Coinglass, almost $537 million from 156,155 traders have been liquidated in the cryptocurrency market during the last 24 hours amid the unfavorable price movement.
With $201.3 million, Bitcoin has the most liquidations, followed by Ethereum with $132.7 million during the same period.
Bloated long holdings accounted for most liquidations for the two most popular cryptocurrencies.
According to CoinMarketCap, several other cryptocurrencies, such as Binance Coin (8%), Solana (11.6%), Polygon (11.85%), and Avalanche (14.3%), have also experienced steep declines during the previous 24 hours.
The Fed’s anticipated rate hike next month and the decreased DeFi activity are likely factors in the market’s unfavorable pricing behavior.
According to the Wall Street Journal, St. Louis Fed President James Bullard is in favor of raising interest rates by 0.75% by next month. According to Reuters, San Francisco Fed President Mary Daly also confirmed a rate increase of 0.50% or 0.75% for next month.
Both parties agree that rates may be raised provided the inflation rate is kept in check.
Since last week, user engagement on all DeFi applications on Ethereum has decreased due to worries over the impending merge event.
The volume of trade on decentralized exchanges (DEX) has decreased 34% during the last 24 hours, according to statistics from Dune Analytics.
Data from DefiLlama shows that over the past 24 hours, the total value locked (TVL) across all blockchains has decreased by more than 3.75%, indicating a decline in user interest in DeFi.