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Crypto Market Faces Bearish Momentum with Increased Liquidations
The crypto market recorded a notable bearish momentum over the past day, leading to increased liquidations. According to recent data, the global crypto market capitalization declined by 3% in the past 24 hours, falling from $2.31 trillion to $2.27 trillion — a decrease of approximately $40 billion.
Despite the decline in market capitalization, the daily trading volume surged by 50%, reaching $99.5 billion. This uptick in trading volume reflects heightened market activity amidst the bearish trend.
Performance of Leading Cryptocurrencies
Many of the leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), experienced downshifts. BTC is currently trading at $62,400, while ETH is hovering close to the $2,400 mark. These shifts contributed significantly to the overall market decline.
Market-Wide Liquidations
The market-wide decline resulted in a $220 million liquidation, with data indicating that over 69% of these liquidations, worth $153 million, were long positions.
Bitcoin leads the chart with $58.6 million in liquidations — $35.1 million in long positions and $23.4 million in short positions.
Ethereum follows closely with $50.6 million in liquidated trading positions, comprising $42.8 million in long positions and $7.8 million in short positions.
Exchange-Specific Liquidations
Binance accounts for the largest share of liquidations, totaling $105 million, followed by OKX with $74 million. The largest single liquidation, worth $10.97 million in the ETH/USDT pair, occurred on Binance.
Impact on Open Interest
Following the mass liquidations, the total cryptocurrency open interest decreased by 2%, currently sitting at $60.9 billion. Generally, a declining open interest leads to lower price volatility due to a decreased amount of expected liquidations.
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