The crypto market has seen a relatively large sell-off from users over the past two days, leading to a sudden increase in liquidations.

According to CoinGlass, the sell-off has resulted in the liquidation of approximately $260.13 million in leveraged positions over the past 24 hours. A significant portion, $223.08 million, is in long positions.

According to CoinGlass, more than 100,000 investors exited their long positions, resulting in a liquidation volume of 260.13 million USD.

Binance, the world's largest centralized exchange, has seen a large liquidation order for the ETH-USDT token pair, worth $6.6 million.

To explain this phenomenon, one of the reasons is because the US Federal Reserve (FED) is about to release dual macroeconomic data, the monthly CPI Consumer Price Index report and interest rate announcements. .

$BTC , the largest coin by market capitalization, has dropped 3.31% over the past 24 hours, to trade at $67,000.

The second largest coin by market capitalization is $ETH which is down 4.88%, trading at $3,473 at the time of writing.

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