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The cryptocurrency market has suffered a sharp drop in the last 24 hours. Most cryptocurrencies have recorded double-digit losses since June 17. In this scenario, optimistic investors, known as “bulls”, lost more than US$400 million in long positions.

The price movement and liquidations affected more than 165,000 traders. The long position is one taken by the investor who buys a share/cryptocurrency hoping that it will rise, and then sells it.

According to data from CoinGlass, total settlements in the last 24 hours totaled US$440.24 million. Of this amount, US$378.52 million were long positions that reached their liquidation prices. The highlight of the crypto market was Ethereum (ETH). In contrast, short sellers, known as “bears,” lost less than $62 million.

Investors in leading blockchain Web3 and DeFi (Ethereum) recorded losses of $68.44 million. Meanwhile, Ethereum bears lost $16.27 million. Additionally, the largest single settlement occurred with an ETH/USDC pair on Binance, resulting in an order worth $6.44 million.

Settlements in the cryptocurrency market

According to the CoinGlass heatmap, other cryptocurrencies saw the second highest amount of liquidations. Bitcoin (BTC) was the third most affected cryptocurrency, with total losses of US$69.83 million between “bulls” and “bears”.

Overall, the market value fell by $136 billion from June 17 to the trough, as recorded by TradingView’s index. Specifically, the Total Crypto Market Capitalization Index (TOTAL) fell aggressively from $2.385 trillion to $2.249 trillion, currently recovering slightly to $2.293 trillion.

Experts had already reported bearish signs and indicators for the cryptocurrency market, especially for BTC and ETH. Bitcoin miners capitulated aggressively with historic sell-offs, while Ethereum network value indicators suggested an overvalued asset.

Over the past 24 hours, the price of Bitcoin (BTC) has fallen to its lowest level in a month following three consecutive days of trading outflows from its spot exchange-traded funds (ETFs). According to data from CoinGecko, Bitcoin currently costs US$65,201, with a daily drop of 0.7%. Ethereum fell 3.5% in the last 24 hours to the current price of US$3,399.

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