Cryptoliquidations exceed $1B amid market turmoil 

Over $1 billion worth of cryptocurrency has been liquidated as a result of the bearish market conditions.

Data provided by Coinglass shows that total cryptoliquidations reached $1.06 Billion, a 454% rise over the last 24 hours. Roughly 85%, worth $900.6 million, belong to long trading positions — traders who were expecting a further price hike for their trades. 

In the past 24 hour, data shows that 278,000 traders liquidated their positions. Huobi Crypto Exchange had the biggest single liquidation of $27million.

BitcoinBTCEthereum (ETHThe liquidation of $345.7 millions in the last day is closely followed by ). 

Per data from Coinglass, Binance is leading the charts with $412 million in liquidations —$342.6 million longs and $69.9 million worth of shorts. The OKX crypto exchange came second with $319.4 million in liquidations — $261 million longs and $57.9 million short trading positions. 

According to Coinglass, as a result, total open crypto interest has decreased by 18,7%, and currently stands at around $47 billion. 

As the cryptocurrency market grows, so does the number of liquidations. market A bearish wind is blowing. According to data According to CoinGecko’s data, global cryptocurrency market capitalization has dropped by 13.4% in the last 24 hours. It now stands at $1.94 billion.

The daily volume of crypto-currencies has increased by 155% to $220 billion.

Bitcoin, which is the most popular cryptocurrency, fell by 12% over the past day and currently trades at $52,880. The price of the asset briefly dropped to $4911, and its market capitalization fell below $1 trillion earlier in the day.

According to some analysts, the increase in tensions between Israel and Iran could have been a factor for the decline of the entire market. conflict, which could spark wider contagion in markets—including crypto—globally.