Bitcoin and Ethereum Plummeted At Least 8% Over the Week.

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.

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.

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 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. 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.