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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Sep 19, 2022
The crypto market bloodbath is stronger than ever. All the assets are bleeding, and the total market cap has dipped below $1 trillion again. The ongoing market downturn can be attributed to several macroeconomic factors, such as higher-than-expected CPI data and heightened Fed rate hikes. The recently executed Ethereum Merge is also being blamed by many as a ‘buy the rumor, sell the news event.’
The prevailing market situation has resulted in nearly half a billion in liquidations for the leverage crypto traders over the last 24 hours. Coinglass’s data highlights that 130,087 traders were liquidated with a net liquidations value of $431.51 million. Notably, Bitcoin (BTC) leverage traders lost $44.5 million, followed by Ether (ETH) traders with $8.39 million in total liquidation.
Popular trader Clark believes that the market could again turn bullish towards the end of the year.