As unfavourable attitudes increase, Bitcoin and Ethereum have fallen by at least 8% over the last week.
In the previous week, leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have suffered significant losses.
Bitcoin, the biggest cryptocurrency with a market worth of over $382 billion, has dropped 7.9% in the previous week. According to statistics from CoinMarketCap, the price is about $19,990, down 1.6% in the last 24 hours.
This week, Bitcoin traded between a weekly high of $21,804.91 and a weekly low of $19,600.79. According to statistics from CoinMarketCap, this week’s dismal price behaviour has Bitcoin down 71.07% from its historical all-time high of $68,789.63 reached in November 2021.
According to statistics from Coinglass, Bitcoin long positions totalling $166.42 million have been liquidated during the previous week. During the same time period, short bets of $85.37 million were liquidated.
The explanation for Bitcoin’s gloomy week is most likely Jerome Powell’s aggressive statements on the anticipated rate rise. The Fed is anticipated to raise rates by 75 basis points at its meeting later this month. In spite of the imminent merging event, Ethereum has lost almost 8% during the last week.
According to statistics from CoinMarketCap, the second-largest cryptocurrency is selling at about $1,556, down 2% over the previous 24 hours.
The weekly high for Ethereum was $1,698.56, according to statistics from CoinMarketCap. Nonetheless, the cryptocurrency has lost 68.44% of its value from its all-time high of $4,891.70 in November 2021.
Due to the asset’s extraordinary volatility, Ethereum liquidations have roughly doubled those of Bitcoin in the previous week.
In the previous week, a staggering $325.929 billion has been liquidated from long positions. During the same time, short positions totalling $262.41 million were also liquidated, according to data from Coinglass.