Surge in Liquidations
According to Coinglass, the total value of crypto liquidations surged by 114% over the last day, reaching $265 million. Data reveals that $236 million of this amount came from long positions being liquidated.
Interestingly, only 11% of the liquidations, worth $29 million, were from short positions. Over 102,000 traders faced liquidations within this timeframe.
Leading Cryptocurrencies Hit Hard
Bitcoin (BTC) leads the pack with over $67 million in liquidations in the past 24 hours. Earlier today, BTC briefly dipped below the $58,000 mark, reigniting fear, uncertainty, and doubt (FUD) in the market.
Ethereum (ETH) follows closely with $63.6 million in liquidations. ETH has dropped by 4.4% in the past day, currently trading at $3,215.
Exchange Liquidations
Binance, the world’s largest crypto exchange by trading volume, accounted for $112 million in liquidations, representing 42% of the total. OKX ranked second with $87 million in liquidations.
Market Cap and Open Interest
Coinglass data indicates a 4.7% decrease in global cryptocurrency open interest over the past 24 hours, now hovering around $58.5 billion. Lower market volatility and liquidations are expected with sideways price movements as open interest declines.
According to CoinGecko, the global crypto market capitalization fell by 3.4% in the past day, dropping to $2.29 trillion. This is the lowest level since May 1, when the market experienced a brief bullish trend.
Market Sentiment
Market movements remain unpredictable amid widespread FUD. A recent report from Glassnode on July 3 highlighted that Bitcoin investors are showing "indecision" as the price struggles to stay above the $64,000 mark.
Conclusion
The cryptocurrency market is experiencing heightened volatility and liquidations as prices dip to multi-month lows. Investors and traders should exercise caution and stay informed as the market continues to navigate through these uncertain times.
