Crypto liquidations increased significantly after the market-wide correction over the past day.
The cryptocurrency ecosystem showed a quick reaction to U.S. President Joe Biden opting out of the upcoming elections. This triggered a small downward momentum in the crypto space as Vice President Kamala Harris joined the presidential race.
According to data provided by Coinglass, total crypto liquidations increased by 150% in the past 24 hours, reaching $174 million. Due to the market-wide correction, $111 million in long positions has been liquidated.
The amount of short positions liquidated in the past day reached $62.8 million.
Data from Coinglass shows that Bitcoin (BTC) is leading the chart with $49.5 million in liquidations — $27.9 million worth of longs and $21.5 million worth of shorts. Ethereum (ETH) follows closely with $36.6 million in liquidations — $27 million longs and $9.6 million in shorts.
Notably, the BTC price briefly touched a local high of $68,480 at around 01:00 UTC, but soon faced correction to $67,700. Bitcoin is trading at $67,100 at the time of writing.
Per Coinglass, the largest BTC liquidation in the past 24 hours is worth $10.95 million and happened on Binance.
Binance currently has the largest share of the 24-hour liquidations, reaching almost $84 million, with 66.7% of the liquidations being long positions. OKX secured the second spot with $54 million in liquidations.
According to data from CoinGecko, the global crypto market capitalization reached $2.6 trillion at around 00:30 UTC, a level last seen on June 12. However, the market witnessed a quick reaction from investors, dropping to $2.56 trillion.
At this point, investors and traders are speculating about Harris’ crypto stance and how her VP picks could impact the cryptocurrency ecosystem.
