Cryptocurrency liquidations crossed the $1 billion mark less than 24 hours after the market declined.
According to data provided by Coinglass, total cryptocurrency liquidations reached $1.05 billion over the past 24 hours as the global market capitalization of cryptocurrencies declined. The data shows that the majority of liquidations are coming from long positions, defying traders' expectations of further upside at this point.
Furthermore, $797 million of long positions and $257 million of short positions were liquidated across all exchanges over the past day, according to Coinglass.
Bitcoin (BTC) alone saw $309 million in liquidations – $211 million in long positions and $98 million in short positions.
Notably, the major digital currency reached a new all-time high of $69,170 on March 5. In the wake of the rally, traders withdrew their trading positions, worth more than $142 million, within just one hour after Bitcoin reached a new peak.
Recently, a trader liquidated $1.04 million worth of Bitcoin on Bybit as the asset's price rebounded to $66,500, according to the data aggregator.
According to Coinglass, Binance tops the chart with $403 million liquidated, followed by OKX and Bybit with $366 million and $106 million liquidated in the past 24 hours, respectively.
Coinglass data shows that total open interest fell by 0.65% as the cryptocurrency market faces a correction – currently hovering around $67 billion.
