Crypto traders have faced a tough day with over $257 million in liquidations in the last 24 hours. The U.S. Federal Reserve’s rate hike and the SEC’s regulatory action against crypto businesses have contributed to the significant losses.

Coinglass reported that Bitcoin, Ethereum, and XRP dominated the trend in liquidations, with Bitcoin experiencing losses of nearly $132 million, Ethereum traders losing $51 million, and XRP positions losing $8 million.

The largest single liquidation order worth $7.39 million was executed on Bitmex, according to Coinglass.

Meanwhile, the global cryptocurrency market cap has decreased by 2% over the past 24 hours, but it still stands above the $1 trillion mark. Bitcoin’s value has also declined by a similar percentage but remains over $27,000, marking a several-month high.

According to the Digital Asset Fund Flows Weekly Report by CoinShares, digital assets saw withdrawals close to $500 million in the past six weeks, with Bitcoin leading the trend with outflows of $113 million in the last week. CoinShares attributed the outflows to the need for liquidity during the banking crisis rather than a negative outlook.

Despite the losses, analysts are hopeful that the crypto market will recover soon. The Federal Reserve may pause its monetary policy tightening amid turmoil in the banking sector, and consumer inflation is moderating at 6.0% YoY, according to the last government data.