Crypto liquidations have surged significantly following a market-wide correction over the past day. The cryptocurrency ecosystem quickly responded to the news of U.S. President Joe Biden stepping down from the upcoming elections, causing a slight downward trend as Vice President Kamala Harris entered the presidential race.

According to data from Coinglass, total crypto liquidations increased by 150% in the last 24 hours, reaching $174 million. The market correction led to $111 million in long positions being liquidated. Short positions saw $62.8 million liquidated during the same period.

Crypto Liquidations Breakdown

Bitcoin leads the liquidation chart with $49.5 million — $27.9 million in long positions and $21.5 million in short positions. Ethereum follows with $36.6 million in liquidations, comprising $27 million in longs and $9.6 million in shorts.

The BTC price briefly reached a local high of $68,480 around 01:00 UTC, but corrected to $67,700, and is trading at $67,100 at the time of writing.

Coinglass data reveals that the largest BTC liquidation in the past 24 hours was worth $10.95 million and occurred on Binance. Binance also holds the largest share of 24-hour liquidations, amounting to nearly $84 million — 66.7% of which are long positions. OKX follows with $54 million in liquidations.

Market Capitalization and Investor Sentiment

According to CoinGecko, the global crypto market capitalization reached $2.6 trillion around 00:30 UTC, a level last observed on June 12. However, investor reactions caused a quick drop to $2.56 trillion.

Investors and traders are now speculating about Kamala Harris’ stance on cryptocurrencies and how her potential VP picks could influence the cryptocurrency market.

For more updates and detailed news, stay tuned to Global Crypto News.

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