Bitcoin, the largest cryptocurrency by market capitalization dropped nearly 4% over the past 24 hours and is now hovering at just above $17,000, per CoinGecko. Bears have also regained control of Bitcoin on the weekly basis, with the cryptocurrency down 1.2% over the past seven days.
Ethereum, meanwhile, has plummeted nearly 6% in the past day, according to CoinGecko. It’s still roughly $200 from falling into three-digit territory, trading at just over $1,200.
More than $117 million in levered positions across the entire market have been blown out, with Bitcoin and Ethereum making up the majority of those positions.
In the past 24 hours, ETH posted more than $45 million in liquidations, while BTC posted roughly $33 million. After that, Dogecoin ($3.3 million) and Litecoin ($3 million) were the next largest liquidations, according to liquidation data pulled from Coinglass.
More than 92% of all liquidations over the past 12 hours were blown out long positions.
The latest carnage comes fast on the heels of a Tuesday CPI report which suggested that hot inflation in the U.S. may be cooling.