prices of Bitcoin (BTC) and Ethereum (ETH) is down 6% and 7%, respectively, over the past 24 hours, ending recent gains.
The bullish and bearish price action resulted in the liquidation of approximately $133 million in Bitcoin and Ethereum positions, according to coinglass, Most of these posts were long.
According to the data, bitcoin is currently trading at $29,587, down 5.85% on the day CoinMarketCap,
It also holds the largest cryptocurrency by market cap of $563.33 billion, down 57.06% from the all-time high of $68,789.63 recorded last November.
Ethereum is also struggling to maintain its recent bullish momentum. The second largest cryptocurrency is down 7.42% in the past 24 hours and is currently trading at $1,764.
According to the data, the current bearish action has driven Ethereum down 64.02% from its all-time high of $4,891.70 recorded in November 2021. CoinMarketCap,
According to crypto fear and greed indexCrypto is a way of measuring market activity and whether the price of cryptocurrencies is significantly low (15 out of 100) indicating that there is “extreme fear” in the market.
Why did bitcoin, ethereum crash?
One of the possible reasons behind today’s bearish action is less DeFi A slowdown in activity on Ethereum and in bitcoin trading activity.
The Total Value Locked (TVL) across various protocols in Ethereum has fallen from $88.67 billion to $68.02 billion in the past 24 hours, according to the U.S. data. daphylama,
TVL Chalu comeEthereum, the largest DeFi protocol, has lost 15% in the past month.
other blue-chip projects to like MakerDAOCurve Finance, Lido, and uniswap TVL also declined in double digits during the same period.