Crypto market corrects significantly after hundreds of millions are liquidated

Large-scale profit taking leads to red prices on the crypto market. Long positions totaling hundreds of millions of US dollars were liquidated.

Bitcoin lost 4.3 percent, Ethereum 4.6 percent, Solana 4.74 percent, XRP 6.5 percent and Cardano a whopping 7.1 percent.

The total market fell 4.45 percent overnight and currently stands at $1.57 trillion.

Bitcoin is still higher at $41,940 on a seven-day basis, but can only report 1.3 percent growth over the past week.

The situation is more pronounced for Ethereum, with the ETH price at $2,246, just 0.2 percent higher than a week ago.

Ripple (XRP), meanwhile, failed to get its act together: 1.26 percent loss for the week, with its share price at $0.62.

Cardano (ADA) can count itself lucky: The stock price is up an impressive 35.7 percent week-over-week and is trading at $0.55 at the time of writing.

This is likely due to profit taking. Although the Fear & Greed Index is still at 80, meaning "extreme greed," large parts of the crypto investing community have likely used the huge gains of the past few days to lock in their profits.

In total, long positions totaling $340 million have been liquidated in the past 24 hours. Leading the list is OKX, where $164 million was liquidated. Right behind: Binance with $118 million.

Will the crypto market now head north again or will the correction continue? Crypto analyst Willy Woo assumes that the Bitcoin price - and thus the market as a whole - will fall even further. To be precise, he expects a correction to $39,700.

Noted Bitcoin critic Peter Schiff took the opportunity to speak out against crypto: Bitcoin would currently take a harder beating than the Eagles [the Philadelphia football team, which was defeated yesterday by the Dallas Cowboys].