Bitcoin, the original cryptocurrency, has taken a brutal beating in the last few weeks. The weekend began on another sour note for BTC, whose value declined to trim just over $20,000. On Saturday morning, Bitcoin lost the coveted $20,000 line and fell below the 2017 ATH. Furthermore, during the weekend, it even fell below $17,500. However, BTC noted some recovery, as it crossed the $20k mark.
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also saw massive liquidations over the weekend. According to Dune, the famous crypto analytics firm Ethereum lost around 71,800 ETH collateral positions on liquidity. The price of ETH dropped below the $900 level over the weekend but has since regained its $1000 mark.
The global cryptocurrency market currently sits slightly above the $900 million mark.
In the past 24 hours, Bitcoin has seen liquidations worth $115.09 million, while Ethereum witnessed liquidations worth $112.99 million.
The under-collateralization issues became a concern for most market players, including institutional investors like Celsius and Three Arrows Capital. The investors likely ran out of money to decrease the liquidation price.
A series of liquidations in the futures and lending markets led to such a significant decrease. More traders and investors are closing their positions and selling their Ethereum holdings at market value as more huge positions are liquidated, driving the commodity’s price even down.
Ethereum (ETH) has lost more than 40% of its value since June 10, making it one of the worst-performing assets in the financial and cryptocurrency markets. Fortunately, there was a slight inflow on June 19, which helped the currency cross the $1k mark again.
Bitcoin (BTC) traded at $20,134.18 at press time, up by 10.1% in the last 24 hours, and it noted a weekly downtrend of 24.8%. On the other hand, Ethereum traded at $1,083.98, up by 13.2% in the last 24 hours and reported 25.5% over the past week. Both Bitcoin and Ethereum are down from their all-time highs by 70.1% and 77%, respectively.