Bitcoin, Ethereum Both Dropped Roughly 8% Over the Past Week

By Sujith Somraaj

Top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have posted severe losses over the past week.

Bitcoin, the leading cryptocurrency with a market capitalization of roughly $382 billion, has plummeted 7.9% over the past week. It trades at around $19,990, down 1.6% over the past 24 hours, per data from CoinMarketCap.

Bitcoin held range-bound this week, trading between a weekly high of $21,804.91 and a low of $19,600.79.

The week’s bearish price action puts Bitcoin down 71.07% from its historical all-time high of $68,789.63 recorded in November 2021, according to data from CoinMarketCap.

Bitcoin long trades worth $166.42 million have been liquidated over the past week, too, per data from Coinglass. Short positions worth $85.37 million were liquidated over the same period.

Green bars represent blown-out Bitcoin long positions. Source: Coinglass.

The reason behind Bitcoin’s bearish week is likely the hawkish comments on the upcoming rate hike by U.S. Fed Chair Jerome Powell. Another 75-basis point hike is expected when the Fed meets later this month.

Ethereum follows Bitcoin

Despite the merge event just around the corner, Ethereum has also lost over 8% in the last week. 

On a daily note, the second-largest cryptocurrency is trading at roughly $1,556, down 2% over the past 24 hours, per data from CoinMarketCap.

Ethereum reached a weekly high of $1,698.56, suggests data from CoinMarketCap. Still, the cryptocurrency has lost 68.44% of its value since its November 2021 all-time high of $4,891.70.

Ethereum liquidations have been nearly twice that of Bitcoin over the past week due to the asset’s extreme volatility.

Chart indicating blown-out long positions over the past week. Source: Coinglass.

Long trades worth a whopping $325.929 million have been liquidated in the past seven days. Short trades worth $262.41 million were also liquidated over the same period, as per data from Coinglass. 

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