Cryptocurrencies traded in the red early on Sunday. The global crypto market cap is $1.10 trillion, a 5.38% decrease over the last day.
At the time of writing, Bitcoin BTC/USD was at $27,419, down almost 5% in the last 24 hours and falling close to 8% in the last seven days.
Similarly, Ethereum ETH/USD was trading at $1462.95, down by 7% in the last 24 hours and dropping 19% in the previous seven days.
The crypto market saw a significant plunge on Friday after the May CPI report showed inflation in the U.S. hit its highest level since 1981.
With the panic in the crypto market, traders are liquidating their positions. According to a Coinglass report, more than $521 million worth of crypto assets has been liquidated in the last 48 hours.
The volatility in the market has forced traders to bear the brunt. As a result, over $443 million worth of long positions were wrecked over the last two days. Similarly, $86 million worth of short positions were also decimated.
According to the Coinglass report, Ethereum traders are being hit harder than those trading Bitcoin, with losses totaling 168,000 ETH, worth $245 million, between June 11 and 12.
Bitcoin traders have seen a loss of 4,100 BTC, worth $112.47 million.