The cryptocurrency market has been experiencing bearish conditions, resulting in over $1 billion in liquidations.

According to data, total crypto liquidations have reached $1.06 billion, marking a 454% increase over the past 24 hours. Approximately 85%, worth $900.6 million, belong to long trading positions — traders who were expecting a further price increase for their trades.

Data reveals that over 278,000 traders have been liquidated over the past 24 hours. The largest single liquidation occurred on the Huobi crypto exchange and was valued at $27 million.

Bitcoin accounts for $362 million in liquidations, while Ethereum follows closely with $345.7 million in liquidations over the past day.

Per data, Binance is leading the charts with $412 million in liquidations — $342.6 million in longs and $69.9 million in shorts. The OKX crypto exchange ranks second with $319.4 million in liquidations — $261 million in longs and $57.9 million in short trading positions.

Consequently, the total crypto open interest decreased by 18.7% and is currently hovering at $47 billion.

The increased liquidations come as the broader cryptocurrency market faces a bearish storm. The global crypto market capitalization has plunged by 13.4% over the past 24 hours and is currently sitting at $1.94 trillion.

On the other hand, the total crypto daily trading volume increased by 155%, reaching the $220 billion mark.

The leading cryptocurrency, Bitcoin, has plunged by 12% in the past 24 hours and is trading at $52,880 at the time of writing. The asset’s price briefly slipped to $49,121, and its market cap dropped below the $1 trillion mark earlier today.

Some analysts suggest that one potential reason for the market-wide downturn could be the escalation of the Iran-Israel conflict, which might spark wider contagion in markets, including crypto, globally.

For more updates on the cryptocurrency market, explore the latest news on Global Crypto News.

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