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Crypto liquidations have surpassed the $1 billion mark less than 24 hours after the market took a red dive.
According to data provided by Coinglass, the total cryptocurrency liquidations reached $1.05 billion over the past 24 hours as the global crypto market capitalization declined. Data shows that the majority of the liquidations come from long positions, defying traders’ expectations of a further bull run at this point.&nbsp;
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 <img loading="lazy" width="1002" height="462" src="https://crypto.news/app/uploads/2024/03/Screenshot-2024-03-06-131500.png" alt="Crypto liquidations surpass $1 billion as the market plunges - 15">
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 Crypto liquidations – March 6 | Source: Coinglass
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Moreover, $797 million in long and $257 million in short positions have been liquidated across all exchanges over the past day, according to Coinglass.&nbsp;
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Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) alone witnessed $309 million in liquidations — $211 million in long and $98 million in short positions.&nbsp;
Notably, the flagship digital currency <a href="https://crypto.news/bitcoin-69000-all-time-high-2024/" rel="noopener noreferrer nofollow">reached a new all-time high</a> of $69,170 on March 5. Following the rally, traders <a href="https://crypto.news/bitcoin-liquidate-69000-2024/" rel="noopener noreferrer nofollow">withdrew</a> their trading positions, worth more than $142 million, in just one hour after Bitcoin reached a new peak.
Recently, one trader liquidated $1.04 million in BTC on Bybit as the asset’s price rebounded to $66,500, according to the data aggregator.
Per Coinglass, Binance is leading the chart with $403 million in liquidations followed by OKX and Bybit with $366 million and $106 million in liquidations in the past 24 hours, respectively.&nbsp;
Coinglass data shows that the total open interest declined by 0.65% as the crypto market faces correction — currently hovering around $67 billion.
Read more: <a href="https://crypto.news/solana-crypto-140-2024/" rel="noopener noreferrer nofollow"> Solana becomes 4th largest crypto following blitz past $140 </a>

Crypto liquidations surpass $1 billion as the market plunges

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Other articles published on Mar 6, 2024

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