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Cryptocurrency liquidations have witnessed a massive increase as the global crypto market cap plunged below the $2.5 trillion mark. 
According to data provided by Coinglass, total crypto liquidations surged by 92.5% in the past 24 hours, reaching $292.22 million. Due to the market-wide downturn, almost 89% of the total amount, worth $259.7 million, belongs to long positions.&nbsp; 
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 Crypto liquidations map – July 25 | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="">Coinglass</a>
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The remaining $32.5 million has been liquidated from short-position holders.&nbsp; 
Per Coinglass, Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) has the largest allocation, worth $101.6 million in liquidations — $97.5 million in longs and $4.1 million in shorts. Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) secured the second spot with $83.3 million in liquidations over the past day — $71.5 million in long positions and $11.7 million in shorts. 
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Data from Coinglass shows that the largest liquidation happened on Binance, the largest crypto exchange by trading volume, worth $11.78 million in the BTC/USDT trading pair. 
According to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="">data</a> from CoinGecko, the increased amount of liquidations comes as the global cryptocurrency market capitalization declined by 3.6% over the past 24 hours — falling from the $2.5 trillion mark to $2.42 trillion. Notably, the total crypto market cap briefly touched a local high of $2.55 trillion at 15:00 UTC on July 24. 
Moreover, Bitcoin reached an intraday high of $67,110 on Wednesday, July 24, before plunging close to $64,100. Ethereum is currently among the top losers in the past 24 hours with an 8.1% price drop. ETH is trading at $3,160 at the time of writing.&nbsp; 
Ethereum’s decline came after the <a href="https://crypto.news/ethereum-etfs-potential-inflows-and-ethereum-price-impact-analysis/" target="_blank" rel="noreferrer noopener">spot ETH ETFs</a> in the U.S. <a href="https://crypto.news/spot-ethereum-etfs-saw-133m-outflow-on-second-trading-day/" target="_blank" rel="noreferrer noopener">recorded a net outflow</a> of $133.3 million on their second trading day, July 24.&nbsp; 
Following the increased liquidations, the total open interest in the cryptocurrency market decreased by 4% and is currently hovering around $63.6 billion, according to Coinglass. At this point, lower market-wide volatility would be expected with a lower amount of incoming liquidations. 
 Read more: <a href="https://crypto.news/us-senator-plans-to-announce-legislation-for-strategic-bitcoin-reserve-at-bitcoin-2024/"> US Senator plans to announce legislation for Strategic Bitcoin Reserve at Bitcoin 2024 </a>

Crypto liquidations reach $292m, global market cap falls 3.6%

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