On a single day, crypto traders saw nearly $258 million in liquidations as over 68,000 positions were closed within 24 hours. Coinglass data revealed that Bitcoin, Ethereum, and XRP were the most affected currencies.
Bitcoin liquidations stood at $132 million, while Ethereum traders lost $51 million. The U.S. Federal Reserve’s rate hike and the SEC’s regulatory actions against crypto businesses may have played a role in the turbulence.
Despite the dip, the global cryptocurrency market cap still surpassed the $1 trillion mark, with Bitcoin hovering above $27,000.
However, CoinShares reported outflows for six consecutive weeks, indicating that traders were withdrawing close to $500 million from digital assets. Bitcoin led the trend with outflows of $113 million in the last week.
CoinShares mentioned that the outflow was due to the need for liquidity amid the current banking crisis rather than a negative outlook.
