The total amount of cryptocurrency liquidations surged over the past day as the global market capitalization hit its two-month low.

According to data from Coinglass, total crypto liquidations increased by 114% in the past 24 hours, reaching $265 million. Data indicates that $236 million worth of long positions were liquidated.

Per Coinglass data, only 11% of the liquidations, valued at $29 million, were short positions. In total, more than 102,000 traders were liquidated in this period.

Bitcoin Leads Liquidations

Bitcoin (BTC) led the chart with over $67 million in liquidations within 24 hours. The asset’s price briefly fell below the $58,000 mark, causing fear, uncertainty, and doubt (FUD) in the market.

Ethereum Close Behind

The second-largest cryptocurrency, Ethereum (ETH), saw $63.6 million in liquidations. ETH is down by 4.4% in the past 24 hours and is trading at $3,215 at the time of reporting.

Exchange Liquidations

Binance, the largest crypto exchange by trading volume, experienced $112 million in liquidations, accounting for 42% of the total amount. OKX followed with $87 million in liquidations.

Open Interest Decline

Data from Coinglass also shows that global cryptocurrency open interest decreased by 4.7% in the past 24 hours, currently hovering around $58.5 billion.

Lower market volatility and liquidations would be expected with sideways movements as the open interest plunges.

Data from CoinGecko indicates that the global crypto market capitalization recorded a 3.4% decline over the past day, dropping to $2.29 trillion, a level not seen since May 1 when the market experienced short-term bullish momentum.

It’s important to note that market movements are unpredictable amid market-wide FUD. A Glassnode report on July 3 highlighted that Bitcoin investors are showing “indecision” as the price remains below the $64,000 mark.

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