$133M Bitcoin, Ethereum liquidated – Is someone trying to control the market?

Although falling, the prices of the two largest cryptocurrencies, Bitcoin and Ethereum, remain relatively stable.

On June 6, BTC and ETH experienced a slight growth of around 5-6%. But today, on June 7, there was a price drop, namely BTC down 6% and ETH down 7%, which brought the growth back to zero.

Currently, BTC is changing hands at $29,587, down 5.85% for the day.

Bitcoin’s market capitalization is currently $563.33 billion. This figure had fallen by more than 57% when prices reached the peak of $67,544.13. The current bearish action caused Ethereum to fall 64.02% from its all-time high of $4,891.70.

Why did Bitcoin and Ethereum Collapse?

One of the possible reasons behind today’s bearish action is a fall in DeFi activity on Ethereum and a fall in Bitcoin trading activity.

Ethereum‘s TVL has fallen from 88.67 billion dollars to 68.02 billion dollars in the last 24 hours. TVL on Aave, the most extensive DeFi protocol on Ethereum, has lost 15% over the past month.

Other blue-chip projects such as MakerDAO, Curve Finance, Lido, and Uniswap also lost TVL by two figures compared to the same period.

The number of BTC transferred to exchanges has increased by 5% in the last 24 hours, indicating that investors are in fear and want to convert their digital assets into stable and safe investments.

However, the daily trading volume on Ethereum and Bitcoin has remained stable over time.

Is this rise and fall in BTC and ETH just a short-term price correction before entering a new cycle? Or is someone controlling the market?

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

CoinCu News

KAI