Crypto liquidations soar as market capitalization plunges to lowest point in 2 months
The volume of cryptocurrency liquidations soared dramatically in the last 24 hours, more than doubling, as the global market capitalization plummeted to its lowest point in two months.
According to Coinglass data, cryptocurrency liquidations surged by 114% within the mentioned timeframe, reaching a total of $265 million. Of this amount, $236 million was attributable to the liquidation of long positions.
Crypto liquidations map – July 4 | Source: Coinglass
Coinglass further details that short-position holders accounted for only 11% of the liquidations, amounting to $29 million. Overall, more than 102,000 traders experienced liquidations during this period.
Bitcoin (BTC) led the liquidations, totaling more than $67 million within 24 hours. The cryptocurrency briefly dropped below $58,000 earlier today, triggering market apprehensions.
Additionally, Ethereum (ETH) closely followed Bitcoin with $63.6 million in liquidations. ETH experienced a 4.4% decline over the past day, trading at $3,215 at the time of reporting.
Binance, the largest crypto exchange by trading volume, witnessed $112 million in liquidations, capturing a 42% share of the total. OKX ranked second with $87 million in liquidations.
Coinglass data also reveals that global cryptocurrency open interest decreased by 4.7% in the past 24 hours, settling around $58.5 billion. With market volatility expected to ease amidst this decline in open interest.
Data from CoinGecko indicates that the global crypto market capitalization contracted by 3.4% over the past day, dropping to $2.29 trillion. This level has not been observed since May 1, coinciding with a brief bullish phase in the market.
It’s noteworthy that market movements remain unpredictable amid widespread fear, uncertainty, and doubt (FUD). A recent Glassnode report highlighted investor indecision as Bitcoin continues to linger below the $64,000 mark.
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