Crypto market has seen a significant bearish movement over the past 24 hours, which led to an increase in liquidations.
As per data provided by CoinGecko, the global crypto market capitalization declined by 3% in the past 24 hours — falling from $2.31 trillion to $2.27 trillion. It is a $40 billion drop.
Daily trading volumes, on the other hand, increased by half, and reached $99.5 billion.
Bitcoin is one of the most popular cryptocurrencies.BTCEthereum (ETH), saw downshifts. BTC currently trades at $62,400, while ETH hovers around the $2400 mark.
According to Coinglass, the market decline led to a liquidation of $220 millions. More than 69%, or $153 millions, of liquidations are long positions.
This data shows Bitcoin is leading the chart with $58.6 million in liquidations — $35.1 longs and $23.4 million shorts. Ethereum is hovering close with $50.6 million in liquidated trading positions — $42.8 million longs and $7.8 million short.
OKX and Binance both liquidated $105 millions, while the rest of them totaled $74 Million.
Coinglass’ data shows that the highest single liquidity, amounting to $10.97 in ETH/USDT, took place on Binance.
After the massive liquidations, total open interest in cryptocurrency decreased by 2% to $60.9 billion.
Typically, lower volatility in prices is associated with a decreasing open interest due to an expected decrease in liquidations.
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Source: crypto.news
