Global Market Cap Drops 36 as Crypto Liquidations Surge to 292 Million
A surge in cryptocurrency liquidations has been observed as the global crypto market cap dropped below $2.5 trillion. Coinglass data reveals that total crypto liquidations spiked by 92.5% in the last 24 hours, amounting to $292.22 million. Long positions accounted for nearly 89% of this total, totaling $259.7 million, while the remaining $32.5 million was liquidated from short positions.
Ethereum (ETH) took the lead in liquidations with $101.6 million, including $97.5 million from longs and $4.1 million from shorts. Bitcoin (BTC) followed closely behind with $83.3 million in liquidations, with $71.5 million from long positions and $11.7 million from shorts.
The largest liquidation occurred on Binance, the top crypto exchange by trading volume, with $11.78 million in the BTC/USDT trading pair. The increased liquidations coincide with a 3.6% decline in the global cryptocurrency market capitalization over the past day, dropping from $2.5 trillion to $2.42 trillion. The total crypto market cap briefly reached $2.55 trillion on July 24 at 15:00 UTC.
Bitcoin reached an intraday high of $67,110 on July 24 before dropping to around $64,100. Meanwhile, Ethereum experienced an 8.1% price drop, trading at $3,160 at the time of writing. Ethereum’s decline followed a net outflow of $133.3 million from spot ETH ETFs in the U.S. on July 24.
Following the surge in liquidations, the total open interest in the cryptocurrency market decreased by 4% to approximately $63.6 billion, according to Coinglass. With a lower influx of liquidations, lower market-wide volatility is expected moving forward.
In other news, a US Senator is planning to introduce legislation for a Strategic Bitcoin Reserve at the Bitcoin 2024 event.
