Crypto liquidations have exceeded the $1 billion mark within a day of the market experiencing a downturn. Data from Coinglass reveals that total cryptocurrency liquidations have reached $1.05 billion in the last 24 hours as the global crypto market capitalization has dropped. Surprisingly, most of the liquidations are from long positions, contrary to traders’ expectations of a bullish trend.

Moreover, $797 million in long and $257 million in short positions have been liquidated across all exchanges over the past day, according to Coinglass.

Bitcoin (BTC) alone saw $309 million in liquidations, with $211 million from long positions and $98 million from short positions. Following Bitcoin’s new all-time high of $69,170 on March 5, traders quickly withdrew their positions, totaling over $142 million, within an hour of the peak.

Recently, one trader liquidated $1.04 million in BTC on Bybit as the asset’s price bounced back to $66,500, as reported by the data aggregator.

According to Coinglass, Binance leads the liquidation chart with $403 million, followed by OKX and Bybit with $366 million and $106 million in liquidations in the past 24 hours, respectively.

The total open interest has decreased by 0.65% as the crypto market undergoes a correction, currently hovering around $67 billion.

If you’re interested in staying updated with the latest news in the world of cryptocurrencies, make sure to explore more on Global Crypto News.

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