The cryptocurrency market recorded notable bearish momentum over the past day, leading to increased liquidations.
According data Provided by CoinGecko, the global crypto market capitalization decreased by 3% in the last 24 hours, going from $2.31 trillion to $2.27 trillion. This shows a decrease of approximately $40 billion.
However, the daily trading volume increased by 50%, reaching $99.5 billion.
Many major cryptocurrencies, including bitcoin (btc) and ethereum (eth), saw declines. btc is currently trading at $62,400 and eth is approaching the $2,400 mark.
The market-wide drop led to a $220 million sell-off, according to data from Coinglass. More than 69% of the liquidations, worth $153 million, belong to long positions.
<img decoding="async" width="995" height="462" src="https://crypto.news/app/uploads/2024/10/Screenshot-2024-10-08-105416.png” alt=”Trader lost $11 million in eth, total liquidations exceeded $220 million – 1″/>
The data shows that bitcoin leads the chart with $58.6 million in liquidations: $35.1 million in long positions and $23.4 million in short positions. ethereum comes close with $50.6 million in liquidated trading positions: $42.8 million long and $7.8 million short.
Binance alone accounts for $105 million in liquidations, followed by OKX's $74 million.
According to Coinglass data, the largest single liquidation, worth $10.97 million in the eth/USDT pair, occurred on Binance.
Following the sell-offs, total cryptocurrency open interest decreased by 2% and currently stands at $60.9 billion.
Typically, declining open interest results in lower price volatility due to fewer expected liquidations.
