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Kamala Harris (kamalaharriscoin.com)

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Kamala Harris (kamaharris.fun)

The cryptocurrency market has been wandering in bearish conditions, leading to over $1 billion in liquidations. 
According to data provided by Coinglass, total crypto liquidations have reached $1.06 billion, marking a 454% increase over the past 24 hours. Roughly 85%, worth $900.6 million, belong to long trading positions — traders who were expecting a further price hike for their trades.&nbsp; 
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 <img loading="lazy" decoding="async" width="996" height="462" src="https://crypto.news/app/uploads/2024/08/Screenshot-2024-08-05-122526.png" alt="Crypto liquidations surpass $1b amid market-wide turbulence&nbsp; - 26"> 
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 Crypto liquidations map – Aug. 5 | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="">Coinglass</a>
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Data shows that over 278,000 traders have been liquidated over the past 24 hours. The largest single liquidation happened on the Huobi crypto exchange and was worth $27 million. 
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) accounts for $362 million in liquidations and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) is following closely with $345.7 million in liquidations over the past day.&nbsp; 
Per data from Coinglass, Binance is leading the charts with $412 million in liquidations —$342.6 million longs and $69.9 million worth of shorts. The OKX crypto exchange came second with $319.4 million in liquidations — $261 million longs and $57.9 million short trading positions.&nbsp; 
 You might also like: <a href="https://crypto.news/kamala-harris-meme-coins-soar-candidate-pivots-crypto/"> HARRIS, KAMA meme coins soar as Kamala Harris pivots on crypto </a> 
Consequently, the total crypto open interest decreased by 18.7% and is currently hovering at $47 billion, according to Coinglass.&nbsp; 
The increased liquidations come as the broader cryptocurrency <a href="https://crypto.news/markets/" target="_blank" rel="noreferrer noopener">market</a> faces a bearish storm. According to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="">data</a> provided by CoinGecko, the global crypto market capitalization plunged by 13.4% over the past 24 hours and is sitting at $1.94 trillion. 
On the other hand, the total crypto daily trading volume increased by 155%, reaching the $220 billion mark. 
The leading cryptocurrency, Bitcoin, plunged by 12% in the past 24 hours and is trading at $52,880 at the time of writing. The asset’s price briefly slipped to $49,121 and its market cap dropped below the $1 trillion mark earlier today. 
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 <img loading="lazy" decoding="async" width="1162" height="681" src="https://crypto.news/app/uploads/2024/08/BTCUSDT_2024-08-05_12-41-15.png" alt="Crypto liquidations surpass $1b amid market-wide turbulence&nbsp; - 27"> 
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 BTC price – Aug. 5 | Source: <a href="https://crypto.news/price/bitcoin/">cr</a><a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">y</a><a href="https://crypto.news/price/bitcoin/">pto.news</a>
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Some analysts suggest that one potential reason for the market-wide downturn is the escalation of the Iran-Israel <a href="https://crypto.news/bitcoin-spirals-below-55k-for-first-time-july-13/" target="_blank" rel="noreferrer noopener">conflict</a>, which could spark wider contagion in markets—including crypto—globally. 
 Read more: <a href="https://crypto.news/nft-market-surge-buyers-sales-decline-12-6-percent/"> NFT market review: Buyers surge, sales decline over 12.6% </a>

Crypto liquidations surpass $1b amid market-wide turbulence

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