The ongoing bitcoin market crisis is showing no signs of abating, as more and more coins being liquidated. The crypto market has seen over $175 million in liquidations in the last hour; this is just one example among many. On less than two days, approximately $900 million has been liquidated in the market.
Coinglass, a cryptocurrency liquidations analytics portal, has now noted that Ether has seen somewhat more liquidations than Bitcoin.
According to coinglass, contract liquidation has reached $102 million in the last half hour, with $40 million in BTC and $42 million in ETH. BTC is currently trading below $42,000, while ETH is trading below $3250.
The bitcoin market is now in a bearish situation, according to numerous observers. Long before the commodity fell to new 2022 lows, however, popular Bitcoin skeptic CryptoWhale had already predicted a bear market, stating three days ago that Bitcoin is not only in the early stages of a terrible bear market, but that the asset will never rise beyond prior all-time highs again.
Although his point has already been partially demonstrated to be correct, the final half may be a stretch. This week, glassnode said that the crypto king was not in a bull market, contrary to popular belief. Bitcoin, on the other hand, is still well-positioned for a substantial price increase, according to its on-chain research.
At the time of writing, Bitcoin is trying to stay above $40,000. Ether has also shrunk dramatically, losing roughly 15% of its value in just seven days. Other crypto, such as Cardano, Solana, and XRP, are in the red, with BNB down 14%, as the others try to recover from daily losses.