Markets
Cryptocurrency liquidations double as market cap falls to two-month low
The total amount of cryptocurrency liquidations has more than doubled over the past day, as the global market capitalization plunged to a two-month low.
According to data provided by Coinglass, total cryptocurrency liquidations have increased by 114% in the last 24 hours, currently reaching $265 million. The data shows that $236 million worth of long positions have been liquidated.
Cryptocurrency Liquidations Map – July 4 | Source: Coinglass
According to Coinglass data, only 11% of the liquidations, worth $29 million, belong to short position holders. In total, more than 102,000 traders were liquidated during the mentioned period.
Bitcoin (Bitcoin) is currently leading the charts with over $67 million in liquidations in 24 hours. The asset’s price briefly dipped below $58,000 earlier today, sparking a resurgence of FUD (fear, uncertainty, and doubt) in the market.
The second largest cryptocurrency, Ethereum (ETH), is not far from Bitcoin with $63.6 million in liquidations. ETH is down 4.4% over the past 24 hours and is trading at $3,215 at the time of reporting.
Binance, the largest cryptocurrency exchange by trading volume, saw $112 million in liquidations, or 42% of the total amount. OKX came in second with $87 million in liquidations.
According to data from Coinglass, global open interest in cryptocurrencies has decreased by 4.7% over the past 24 hours and is currently hovering around $58.5 billion.
We can expect lower market volatility and sell-offs with sideways movements as open interest plunges.
Data from CoinGecko watch The global cryptocurrency market capitalization has seen a 3.4% decline over the past day, falling to $2.29 trillion. This level has not been seen since May 1, when the market experienced short-term bullish momentum.
It’s important to note that market movements are unpredictable amid market-wide FUD. A July 3 report from Glassnode revealed that Bitcoin investors are showing “indecision” as the price remains below the $64,000 mark.