According to data from Coinglass, more than 239,000 traders closed their positions in the last 24 hours with approximately $874 million in liquidation.

The decline in the cryptocurrency market continues. The price of the biggest cryptocurrency Bitcoin appeared to be falling below the 39,000 level on Saturday. The decline isn't just limited to bitcoin. The price of some other cryptocurrencies has also come down. A Bloomberg report states that the Federal Reserve’s intention to withdraw incentives from the market has caused huge losses for cryptocurrencies around the world. Bitcoin price broke more than 12% on Friday and fell from $36,000 to its lowest level since July. Bitcoin was at its peak in November, down 45% since then.

Other digital currencies ether and mime have suffered much, if not much, damage. According to the report, its market value has shrunk by more than $600 billion since falling below the peak in November. On the other hand, if we talk about the entire crypto market, the market value has lost more than 1 trillion dollars. 

Crypto-focused stocks also fell

According to Bloomberg, crypto-centric stocks also fell on Friday. There came a moment when Coinbase Global Inc. fell nearly 16% and fell to its lowest level since making a public debut in the spring of 2021. Similarly MicroStrategy Inc. registered a decline of 18%. 

America is bringing a new strategy for digital assets

Meanwhile, the Biden administration is preparing to release a preliminary government-wide strategy for digital assets as soon as possible, with it expected by next month. Federal agencies are tasked with assessing risks and opportunities. Meanwhile, over 239,000 traders closed their positions in the past 24 hours with approximately $874 million in liquidation, according to data from cryptocurrency futures trading and information platform Coinglass.

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Where is the price

According to another report, the bitcoin price is trading down 9.4% on Saturday at $36,436.88, continuing the declining trend. It has fallen by 14 per cent since the beginning of this year. Other digital currencies Ether and meme coin are also continuing their downward trend. Ethereum closed down 12.1% at $2,593.50. Binance Coin was trading at $386.64 which was trading down 9.9%. Cardano is down 8.6% at $1.14. Solana is down 12.4% to $111.59, while Dogecoin is down 7% to $0.143498. Shiba Inu was seen trading at $ 0.00002218 with a huge decline of 15.6%.