Crypto liquidations surpass $1b amid market-wide turbulence 

The cryptocurrency market is in a downtrend, leading to liquidations of over $1 billion.

According to data provided by Coinglass, total crypto liquidations reached $1.06 billion, marking a 454% increase in the last 24 hours. Approximately 85%, worth $900.6 million, belonged to long positions — traders who expected further price increases for their trades.

Crypto liquidation map – August 5 | Source: Coinglass

Data shows that over 278,000 traders were liquidated in the past 24 hours. The largest single liquidation occurred on crypto exchange Huobi and was worth $27 million.

While Bitcoin (BTC) recorded $362 million in liquidations, Ethereum (ETH) follows closely with $345.7 million in liquidations in the last day.

According to data from Coinglass, Binance led the charts with $412 million in liquidations ($342.6 million long and $69.9 million short). OKX crypto exchange came in second with $319.4 million in liquidations ($261 million long and $57.9 million short).

As a result, total open interest for cryptocurrencies has decreased by 18.7% and currently stands at $47 billion, according to Coinglass.

The increased liquidations come as the broader cryptocurrency market faces a bearish storm. According to data provided by CoinGecko, the global crypto market capitalization has fallen by 13.4% in the past 24 hours, sitting at $1.94 trillion.

On the other hand, total crypto daily transaction volume increased by 155 percent, reaching $220 billion.

Leading cryptocurrency Bitcoin is down 12% in the last 24 hours and is trading at $52,880 at press time. The asset’s price briefly dropped to $49,121, and its market cap dropped below the $1 trillion mark earlier today.

BTC price – August 5 | Source: crypto.news

Some analysts suggest that one of the possible reasons for the overall market decline could be the escalation of the Iran-Israel conflict, which could lead to a wider spillover into global markets, including cryptocurrencies.