Crypto liquidations surge 150% amid US election saga

Cryptocurrency liquidations have increased significantly following the market-wide correction in the past day.

The cryptocurrency ecosystem reacted swiftly to US President Joe Biden’s withdrawal from the upcoming elections, which triggered a minor downward momentum in the crypto space as Vice President Kamala Harris entered the presidential race.

According to data provided by Coinglass, total crypto liquidations increased by 150% in the last 24 hours, reaching $174 million. Due to the market-wide correction, $111 million worth of long positions were liquidated.

Crypto liquidation map – July 22 | Source: Coinglass

The amount of short positions liquidated in the last day reached $62.8 million.

Data from Coinglass shows Bitcoin (BTC) leading the chart with $49.5 million in liquidations ($27.9 million long and $21.5 million short). Ethereum (ETH) follows closely with $36.6 million in liquidations ($27 million long and $9.6 million short).

Notably, BTC price briefly touched a local high of $68,480 around 01:00 UTC but soon faced a correction to $67,700. Bitcoin is trading at $67,100 at the time of writing.

According to Coinglass, the largest BTC liquidation in the last 24 hours was worth $10.95 million and took place on Binance.

Binance currently has the largest share of 24-hour liquidations, reaching almost $84 million – 66.7% of liquidations being long positions. OKX secured the second spot with $54 million in liquidations.

According to data from CoinGecko, the global cryptocurrency market capitalization reached $2.6 trillion at around 00:30 UTC, a level last seen on June 12. However, the market saw a swift reaction from investors, with the total amount dropping to $2.56 billion.

At this point, investors and traders are speculating on how Harris’ crypto stance and vice presidential picks could impact the crypto ecosystem.