Key Points
- Crypto liquidations have surged by 150% in the past 24 hours, reaching $174 million.
- Bitcoin (BTC) and Ethereum (ETH) have the highest liquidations, with market reactions tied to US political developments.
The cryptocurrency market has experienced a notable increase in liquidations following recent market corrections. This comes in the wake of speculations around the upcoming U.S. elections and potential changes in the political landscape.
Cryptocurrency Market Reactions
The crypto market demonstrated a swift response to the news of U.S. President Joe Biden not running in the upcoming elections, leading to a minor downward shift as Vice President Kamala Harris announced her candidacy.
As per data from Coinglass, crypto liquidations have seen a 150% rise in the last 24 hours, totaling $174 million. The market correction resulted in the liquidation of $111 million in long positions.
Bitcoin and Ethereum Lead Liquidations
The data further reveals that Bitcoin (BTC) tops the list with $49.5 million in liquidations, comprising $27.9 million in longs and $21.5 million in shorts. Ethereum (ETH) is not far behind, with liquidations amounting to $36.6 million, including $27 million longs and $9.6 million shorts.
Bitcoin’s price briefly hit a local high of $68,480 but soon corrected to $67,700. The current trading price of Bitcoin is $67,100.
Coinglass data indicates that the largest Bitcoin liquidation in the past day was worth $10.95 million and took place on Binance.
Binance has the majority share of the 24-hour liquidations at nearly $84 million, with 66.7% being long positions. OKX occupies the second position with $54 million in liquidations.
According to CoinGecko data, the global crypto market capitalization hit $2.6 trillion, a level last seen in June. However, the market saw a swift investor reaction, bringing the total down to $2.56 billion.
The crypto community is now speculating on Harris’ stance on cryptocurrencies and how her choice of Vice President could affect the crypto ecosystem.
