Cryptocurrency liquidations have surged by more than double in the last 24 hours, as the global market capitalization hits a two-month low. Coinglass data indicates that total crypto liquidations have jumped by 114% to reach $265 million, with $236 million coming from long positions.
Only $29 million, or 11% of the liquidations are from short positions. In total, over 102,000 traders have been liquidated in this period. Bitcoin (BTC) has the highest liquidations at over $67 million, following a brief dip below the $58,000 mark, causing fear, uncertainty, and doubt in the market.
The second-largest cryptocurrency, Ethereum (ETH), is not far behind with $63.6 million in liquidations. It has dropped by 4.4% in the last 24 hours and is currently trading at $3,215. Binance, the largest crypto exchange by trading volume, has seen $112 million in liquidations, accounting for 42% of the total amount, with OKX coming in second with $87 million.
Global cryptocurrency open interest has decreased by 4.7% to around $58.5 billion, indicating lower market volatility and liquidations as open interest falls. The global crypto market capitalization has declined by 3.4% in the past day to $2.29 trillion, the lowest level since May 1.
It’s important to note that market movements are unpredictable amid market-wide uncertainty. A Glassnode report on July 3 revealed that Bitcoin investors are showing “indecision” as the price remains below the $64,000 mark.