The current market downturn is being attributed to a number of macroeconomic factors, such as higher-than-expected CPI data and a possible biggest Fed rate hike in 40 years.

The crypto market turmoil entered the third week of September as most of the cryptocurrencies started the week on a bearish note

The total crypto market cap dipped below $1 trillion again, with several cryptocurrencies recording a double-digit downfall over the past 24 hours.

The ongoing bearish turmoil has led to nearly half a billion in liquidations for the leverage crypto traders over the past 24 hours

Long traders made a significant chunk of losses on majority of the exchanges with the average difference between the amount of long and short liquidations being 10X.

The higher CPI data is expected to be followed by a Fed rate hike in the upcoming meeting scheduled for Sept. 21.

Market pundits have predicted that the rate hike could be the biggest in 40 years as a measure to control the soaring inflation.