The crypto market has become bearish after sharply turning the green indexes a few weeks ago. Bitcoin and Ethereum lead the list of cryptocurrencies that have dropped in 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 $19,956.89 USD, down 1.96% in the last 24 hours, according to CoinMarketCap.
Bitcoin held range-bound this week, trading between a weekly high of $21,804.91 and a low of $19,600.79.
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Ethereum also follows Bitcoin in dropping despite its recent and upcoming merge. 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 liquidations have been nearly twice that of Bitcoin over the past week due to the asset’s extreme volatility. 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.