Key Points
- The cryptocurrency market’s bearish conditions have led to over $1 billion in liquidations.
- Bitcoin and Ethereum account for a significant portion of these liquidations.
The digital currency market has been grappling with bearish conditions, resulting in liquidations exceeding $1 billion.
Coinglass data shows that the total crypto liquidations have surged to $1.06 billion, a 454% increase in the last 24 hours. Approximately 85%, or $900.6 million, are from long trading positions — traders who were anticipating their trades’ prices to further increase.
Liquidations and Market Impact
In the past 24 hours, over 278,000 traders have experienced liquidation. The highest single liquidation occurred on the Huobi digital currency exchange, amounting to $27 million.
Bitcoin (BTC) and Ethereum (ETH) have been significantly affected, accounting for $362 million and $345.7 million in liquidations, respectively.
According to Coinglass data, Binance tops the list with $412 million in liquidations, comprising $342.6 million longs and $69.9 million worth of shorts. The OKX digital currency exchange followed with $319.4 million in liquidations, including $261 million longs and $57.9 million short trading positions.
Crypto Market Conditions
As a result, the total crypto open interest has decreased by 18.7% and currently stands at $47 billion, as per Coinglass.
This surge in liquidations coincides with a bearish trend in the broader cryptocurrency market. According to CoinGecko data, the global crypto market capitalization has dropped by 13.4% in the last 24 hours and is now at $1.94 trillion.
Conversely, the total crypto daily trading volume has risen by 155%, hitting the $220 billion mark.
Bitcoin, the leading digital currency, has seen a 12% decrease in the past 24 hours and is currently trading at $52,880. The asset’s price briefly dipped to $49,121, and its market cap fell below the $1 trillion mark earlier today.
Some market observers propose that the escalation of the Iran-Israel conflict could be a potential reason for the market-wide downturn, which could trigger a global contagion in markets, including the crypto market.
