The cryptocurrency market has been wandering in bearish conditions, leading to over $1 billion in liquidations.
According to data provided by Coinglass, total crypto liquidations have reached $1.06 billion, marking a 454% increase over the past 24 hours. Roughly 85%, worth $900.6 million, belong to long trading positions — traders who were expecting a further price hike for their trades.
Crypto liquidations map – Aug. 5 | Source: Coinglass
Data shows that over 278,000 traders have been liquidated over the past 24 hours. The largest single liquidation happened on the Huobi crypto exchange and was worth $27 million.
Bitcoin (BTC) accounts for $362 million in liquidations and Ethereum (ETH) is following closely with $345.7 million in liquidations over the past day.
Per data from Coinglass, Binance is leading the charts with $412 million in liquidations —$342.6 million longs and $69.9 million worth of shorts. The OKX crypto exchange came second with $319.4 million in liquidations — $261 million longs and $57.9 million short trading positions.
You might also like: HARRIS, KAMA meme coins soar as Kamala Harris pivots on crypto
Consequently, the total crypto open interest decreased by 18.7% and is currently hovering at $47 billion, according to Coinglass.
The increased liquidations come as the broader cryptocurrency market faces a bearish storm. According to data provided by CoinGecko, the global crypto market capitalization plunged by 13.4% over the past 24 hours and is 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, 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.
BTC price – Aug. 5 | Source: cr y pto.news
Some analysts suggest that one potential reason for the market-wide downturn is the escalation of the Iran-Israel conflict, which could spark wider contagion in markets—including crypto—globally.
Read more: NFT market review: Buyers surge, sales decline over 12.6%
