More than $1 billion has been lost by crypto-tracked futures in the last 24 hours, impacted by weak Bitcoin and overall crypto sentiment amid the fragile global economic outlook.

Earlier this week, Bitcoin - the world’s largest cryptocurrency - lost a key support level at $25,000, trading as low as $20,889 on Monday night. Major digital currencies also fell by around 15%, CoinDesk reports.

Bitcoin made up more than $523 million of all liquidations, followed by Ether – the second largest cryptocurrency - at $317 million and Solana’s SOL tokens at close to $20 million.

Traders betting on higher prices witnessed more than $510 million in liquidations, the report goes on to add. Whereas bets on lower prices saw $554 million in losses, indicating futures traders fuelled market volatility and impacted traders the same in either direction.

At the time of writing, Bitcoin was trading at just over $22,000, prolonging a nearly 12-week decline. Since its record highs last November, Bitcoin has lost around 66% of its value. A large degree of this decline has stemmed from the Federal Reserve planning to increase rates over the next few months to curb red-hot inflation. This has caused a drop in global stocks and, in turn, cryptocurrencies.

deVere boss Nigel Green said of the latest decline on Tuesday: “Despite the crypto crash, like many long-term crypto investors I’m still accumulating Bitcoin. I’m using the volatility as a buying opportunity; I’m topping up my investment portfolio at a lower price point.

“The reason why I’m still buying Bitcoin? Because I’m confident that digital, global, borderless, decentralised, tamper-proof, unconfiscatable money is, inevitably, the future.”

He added: “I’m still stacking Bitcoin as its unique fundamentals haven’t changed.”