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Bitcoin Under $28,000, Ethereum Under $1500: Apex Cryptos Collapsing

Cryptocurrencies traded in the red early on Sunday. The global crypto market cap is $1.10 trillion, a 5.38% decrease over the last day. 

Benzinga · 06/12/2022 09:54

Cryptocurrencies traded in the red early on Sunday. The global crypto market cap is $1.10 trillion, a 5.38% decrease over the last day. 

At the time of writing, Bitcoin (CRYPTO: BTC) was at $27,419, down almost 5% in the last 24 hours and falling close to 8% in the last seven days. 

Similarly, Ethereum (CRYPTO: ETH) was trading at $1462.95, down by 7% in the last 24 hours and dropping 19% in the previous seven days. 

The crypto market saw a significant plunge on Friday after the May CPI report showed inflation in the U.S. hit its highest level since 1981. 

Also Read: This Crypto Analyst Predicts Price Rebounds For Bitcoin And Ethereum: Here's How High They're Going

With the panic in the crypto market, traders are liquidating their positions. According to a Coinglass report, more than $521 million worth of crypto assets has been liquidated in the last 48 hours. 

The volatility in the market has forced traders to bear the brunt. As a result, over $443 million worth of long positions were wrecked over the last two days. Similarly, $86 million worth of short positions were also decimated.

According to the Coinglass report, Ethereum traders are being hit harder than those trading Bitcoin, with losses totaling 168,000 ETH, worth $245 million, between June 11 and 12.

Bitcoin traders have seen a loss of 4,100 BTC, worth $112.47 million.