The digital assets market, which had already been struggling for months now, is now witnessing a bloodbath after Michael Saylor’s Bitcoin (BTC) treasury firm Strategy (Nasdaq: MSTR) announced the sale of 32 BTC.
The total cryptocurrency market cap has declined from $2.57 trillion on the announcement day on June 1 to $2.38 trillion at press time
So, the crypto market has lost $190 billion this month. Bitcoin (BTC) has dropped from $73,800 to below $67,000 during the same period. It is the cryptocurrency’s worst price range since February this year.
Similarly, Ethereum (ETH) has fallen from $2,000 to $1,870, and XRP from $1.34 to $1.23 this month. Massive liquidations hit crypto market As the market began to bleed, traders rushed to liquidate their positions. In the past 24 hours, 266,158 traders got liquidated as per Coinglass. $1.50 billion in long and $233 million in short crypto positions got liquidated during the same period.