Key Points
The crypto market has recently experienced significant bearish momentum.
This has resulted in an increase in liquidations.
According to information provided by CoinGecko, the global crypto market capitalization has seen a decrease.
Over the past day, it has fallen by 3%.
This decline amounts to a drop from $2.31 trillion to $2.27 trillion.
This represents a decrease of roughly $40 billion.
Trading Volume and Cryptocurrency Downshifts
Despite this decrease, the daily trading volume experienced a rally.
It increased by 50%, reaching $99.5 billion.
Several leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), saw downshifts.
Bitcoin is currently trading at $62,400.
Ethereum is close behind, hovering near the $2,400 mark.
This market-wide decline has resulted in significant liquidations.
According to data from Coinglass, there were $220 million in liquidations.
The majority of these liquidations, totaling $153 million, belonged to long positions.
Bitcoin led the chart in terms of liquidations.
It had $58.6 million in liquidations, with $35.1 million longs and $23.4 million shorts.
Ethereum was close behind, with $50.6 million in liquidated trading positions.
This included $42.8 million longs and $7.8 million shorts.
Binance accounted for a significant portion of these liquidations.
It was responsible for $105 million in liquidations.
OKX followed with $74 million.
The largest single liquidation occurred on Binance.
It was worth $10.97 million and involved the ETH/USDT pair.
Following these mass liquidations, the total cryptocurrency open interest decreased.
It fell by 2% and is currently at $60.9 billion.
Typically, a declining open interest results in lower price volatility.
This is due to a decreased number of expected liquidations.
