The cryptocurrency market is experiencing significant turmoil, with a strong bearish sentiment sweeping across the industry. Over the past 24 hours, the market has seen a massive liquidation, crossing the $1 billion mark.
According to data from CoinGlass, a highly trusted source for crypto liquidation information, total liquidations have reached $1.12 billion.
Of this amount, approximately $936 million comes from long positions, as traders who expected a price increase were caught off guard by the market downturn. Short positions accounted for the remaining $163 million in liquidations.
CoinGlass data further reveals that around 286,370 traders were liquidated in the past 24 hours. The largest single liquidation order, valued at $27 million, occurred on the Huobi exchange.
In terms of individual cryptocurrencies, Bitcoin saw $375 million in liquidations, while Ethereum closely followed with $354 million. Other digital assets contributed to approximately $109 million in liquidations.
Among the exchanges, Binance topped the list with total liquidations amounting to $427.6 million. Of this, long positions accounted for $356.01 million, while short positions made up $71.61 million.
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OKX came in second, with a total of $334.47 million in liquidations, including $275.18 million from longs and $59.29 million from shorts. Huobi recorded $150.43 million in liquidations, with $141.22 million from long positions and $9.21 million from short positions.
As a result of these liquidations, the total open interest in the crypto market has decreased by 18.7%, now hovering around $47 billion, according to CoinGlass.
This wave of liquidations has been driven by a combination of factors, including a tense geopolitical atmosphere, high unemployment rates in the United States, and global market instability fueled by fears of an impending recession.
CoinGecko data indicates that the total market capitalization of all cryptocurrencies has plunged by 17.1% over the past 24 hours, now standing at $1.86 trillion. Despite the market downturn, the total trading volume of all crypto assets has hit $236 million in the last 24 hours.
The two leading cryptocurrencies, Bitcoin and Ethereum, have both experienced significant price drops, reaching multi-month lows.
Bitcoin fell below $50,000 early Monday morning, a level not seen in several months, while Ethereum dropped below $2,300 for the first time since January. This sharp decline highlights the intense pressure on the crypto market and the uncertainty that currently surrounds it.