The crypto market declined overall over the past 24 hours, with market capitalization falling to $2.16 trillion. Bitcoin led the decline, dragging down several other tokens. The weakening market sentiment, coupled with adjustments to leveraged positions, further amplified the losses.
The scale of liquidation has expanded.
The liquidation of over $670 million in leveraged positions indicates a significant increase in recent market volatility. As prices declined, some traders chose to close their positions, further depressing the market.
Macroeconomic and regulatory news dampened sentiment.
Investors remain cautious about the progress of the U.S. Clarity Act while awaiting the Federal Reserve's interest rate decision on July 29. Both events have made the market more defensive in the short term.
The market is focused on support around $2.15 trillion.
Traders are currently watching to see if the crypto market can hold above $2.15 trillion. If this level is breached, the market may continue to face pressure; if it stabilizes, short-term selling pressure may ease.
- 24-hour decline: 2.9%
- Total market capitalization: US$2.16 trillion
- Liquidation amount: Over $670 million
