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Crypto Liquidations Reach $160 Million Amid Market Turmoil
The cryptocurrency ecosystem witnesses an increase in liquidations as the market resists the correction.
According to data provided by Coinglass, total cryptocurrency liquidations reached $160.71 million in the last 24 hours. Most of the liquidations are in long positions, worth about $127.53 million, as the market reverses course.
Crypto Liquidations – May 30 | Source: Coinglass
The data shows that only $33.18 million in different cryptocurrencies were eliminated from short positions.
According to Coinglass, global cryptocurrency open interest has decreased by 2.95% over the past 24 hours, standing at $69.3 billion at the time of writing.
Binance, the largest cryptocurrency exchange by trading volume, topped the list with around $75.79 million in settlements over the past day. OKX, Bybit, and Huobi follow Binance with settlements of $53.91 million, $14.23 million, and $11.32 million, respectively.
Furthermore, the amount of Ethereum (ET) liquidations reached $27.81 million, surpassing those of Bitcoin (Bitcoin) $20.36 million.
According to a May 23 crypto.news report, ETH to BTC the trader’s exposure ratio increased due to the approval of the Ethereum spot ETFs in the US Notably, prior to the approval of these investment products, permanent ETH holders accumulated over 100,000 ETH tokens on May 20th.
Noncoin (NOT) took third place with $6.2 million in liquidations in the past 24 hours, according to Coinglass data. However, the amount of NOT short positions eliminated reaches $3.77 million, while long positions worth approximately $2.43 million were liquidated. This is due to the asset’s 29% price rally.
The increase in liquidations comes as the capitalization of the global cryptocurrency market fell by 2% in the last 24 hours, from $2.7 trillion to $2.66 trillion, according to data by CoinGecko. Total daily trading volume plummeted 8%, now standing at $86 billion.
At this point, one would expect less price volatility, at least for large cryptocurrencies, due to declining trading volume and open interest.