The crypto market experienced a significant downturn in the past 24 hours, leading to a total liquidation of more than $140 million as Bitcoin (BTC) continues its downward trend. According to facts Coinglass has a record of approximately 57,585 merchants liquidated, and the total value is still counting.
In particular, traders who are currently taking huge losses with the overall downtrend of the crypto market are those who have taken long positions, speculating that the market will eventually move upwards.
Largest liquidations on OKX and Binance
Digital asset exchanges OKX and Binance recorded the largest number of liquidations, making $48.3 million and $44.94 million respectively. The data further shows that long liquidations amounted to approximately $114.8 million of total liquidations, while short liquidations amounted to $29.8 million.
Long liquidations accounted for 79.39% of total liquidations in the past 24 hours, while short liquidations accounted for 25.96%. Bitcoin (BTC) was the hardest hit cryptocurrency, accounting for $50.97 million of the total liquidation.
Altcoins like Ethereum (ETH) followed closely, with $30.29 million in liquidations, while the frog-themed meme coin PEPE accounting for more than $7 million. Meanwhile, the largest liquidation occurred on OKX with a BTC-USDT swap worth $2.61 million.
It’s worth noting that these numbers confirm that the continued downturn in the market is impacting both long and short positions.
Bitcoin and PEPE are collapsing
The global crypto market capitalization has also fallen below the $1.2 trillion mark with a value of $1.14 trillion at the time of writing, down nearly 2.5% in the past 24 hours.
This decrease follows the decrease of Bitcoin and the recently hyped memecoin PEPE which plummeted more than 20% in the past 24 hours with more than $100 million subtracted from its market cap.
Interestingly, PEPE’s trading volume has surged over the past 24 hours, indicating a potential violent sell-off. Daily trading volume has increased from $408 million yesterday to $647 million in the last 24 hours.
Top crypto Bitcoin has also lost more than $20 billion in market cap in the past 24 hours, down nearly 4%, indicating selling pressure. Although Bitcoin registered an increase in April that pushed the price above $30,000, the asset has been trending bearish ever since.
The causes of the current downturn in the market are not entirely clear, but can be attributed to it the recent decision by the US government to increase interest earlier this month may have contributed to the selloff.
Featured image of Unsplash, chart from TradingView