In the past 24 hours, the cryptocurrency market has witnessed liquidations exceeding $525 million, fueled by increased volatility in Bitcoin and Ether prices.
According to data from Coinglass, nearly 186,000 traders were liquidated over this period, with total liquidations across centralized exchanges reaching $524.8 million.
Bitcoin (BTC -2.83%) led the liquidations, accounting for $142.5 million, of which approximately $101 million came from long positions. Ether also faced considerable liquidations, with $89.9 million in total, including $49.2 million in long positions.
Liquidations occur when a trader’s positions are forcibly closed due to significant losses or insufficient margin to meet maintenance requirements.
Bitcoin and Ether Price Movements
Bitcoin dropped 2.26% in the past 24 hours, trading at $94,314 at the time of writing. Earlier this week, Bitcoin briefly surged above $100,000, driven by growing optimism surrounding a pro-crypto incoming administration.
Ether, on the other hand, experienced a decline of 0.85%, trading at $3,335 following a significant double-digit drop the previous day.
Market Performance
The Block’s GMCI 30 index, which tracks the performance of the top 30 cryptocurrencies, declined by 1.23% in the past 24 hours.
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