Cryptocurrencies Experience Significant Liquidations Amid Bearish Market Movement Over Past Day. The value of cryptocurrencies has plummeted significantly over the past day, resulting in substantial liquidations across various exchanges. According to recent data, there have been massive liquidations totaling approximately $790 million across the cryptocurrency market within the last 24 hours.
This figure represents a substantial portion of the overall market capitalization, indicating the severity of the sell-off. Of this total, long positions accounted for $662 million or 84%, highlighting the disproportionate impact on long-term holders. The leading contributors to these liquidations were Bitcoin and Ethereum, which together accounted for approximately 68% of the total value.
However, other assets like XRP, Dogecoin, and Solana also experienced significant liquidations, contributing $40 million, $29 million, and $23 million respectively. Despite the recent market turmoil, the overall cryptocurrency market capitalization remains strong at around $2.5 trillion. Additionally, Bitcoin’s open interest continues to reach new heights, indicating sustained investor interest even amidst recent price fluctuations.
Source
