Cryptocurrency ecosystem is experiencing increased liquidations due to the correction in the market.
Coinglass data shows the amount of cryptoliquidations in the last day reached $160.71 Million. Most of the positions liquidated are long ones, valued at approximately $127.53million, due to the U-turn in the market.
The data shows that only 33,18 millions worth of cryptocurrencies were redeemed from short position.
Per Coinglass, the global crypto open interest decreased by 2.95% in the past 24 hours — sitting at $69.3 billion at the time of writing.
Binance is the most liquid crypto exchange, based on trading volume. They have liquidated about $75.79 Million in the past 24 hours. OKX Bybit Huobi, are the three exchanges that follow Binance. They have liquidated $53.91 millions, $14.32 million and 11.32 million respectively.
In addition, Ethereum’s (ETH) liquidations reached $27.81 million, surpassing Bitcoin’s (BTC) $20.36 million.
A report by crypto.news on the 23rd of May stated that the ETH/BTC exchange rate was at 73.5%. trader exposure ratio has increased Spot Ethereum is now available. ETFs The U.S. On May 20, permanent ETH investors had accumulated 100,000 ETH tokens before these products were approved.
The Notcoin currency (also known as the “Notcoin”)NOTCoinglass’ data shows that ) ranked third with liquidations of $6.2M in the last 24 hours. The amount of liquidated long NOT positions is $2.43million, while the short positions are $3.77million. It is due to a 29% rise in the price of the asset.
The increase in liquidations comes as global crypto market capitalization fell by 2% over the last 24 hours from $2.7 billion to $2.66, trillion according to data CoinGecko. The daily total trading volume is currently at $86 Billion, a drop of 8%.
A lower level of volatility is expected at this time, at the very least, for large crypto currencies, because trading volumes and open interest are declining.
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Source: crypto.news