$480M Worth Liquidation Recorded in the Last 12 Hrs

• Crypto market stands with a 24-hour trading volume of $73.84B USD.

• Total TVL in DeFi protocols dropped by 2.04% in the last 24h.

Bears have entirely taken control of the steering and are driving the crypto market towards steeping losses. As the major cryptos began to bottom out, the market worth of all other altcoins plunged low into wild bloodbaths. In the past 12 hours, nearly $480 million USD has been liquidated from the market. The value of the global crypto market dropped 3.6% in the last 24 hours from $1.29 trillion USD to $1.24 trillion USD.

On the Fear & Greed index, a market sentiment analysis, BTC showed its 2-year low reading at 8, exhibiting extreme danger. As per data from CMC, BTC declined by 26% in terms of its market capitalization from $755.4 billion USD on May 5 to $556.6 billion USD at press time. At the time of writing, BTC traded at $29,247 USD.

The BTC rival, Ethereum (ETH), declined by 28%, in market capitalization, from $331.7 billion USD on May 5 to $237.1 billion USD at press time.

Market Dips Since Early 2022

Looking back in history, November 2021 can be considered the golden period for the crypto space. The giant cryptocurrencies, Bitcoin and Ethereum, marked their all-time high of $68,789 USD and $4,891 USD respectively during this month. Hence, the value of the risky market rose nearly to $3 trillion USD, marking its all-time high. 

But this optimism lasted only for a short term. In 2022, the ultimate spike in global inflation influenced wild turbulence in both on-chain and off-chain markets. From the start of May, the crypto market witnessed massive downfalls. Importantly, the largest crypto rapidly breaching their support levels, and the wild crash of the Terra ecosystem raised the panic amid investors. Yet, new investors are curiously entering the volatile market.

Investors hope that the Merge, Ethereum’s transition to PoS, might bring up relief to the market. But uncertainty still prevails amid the crashes.