The crypto market experienced a significant downturn over the past 24 hours, leading to a total liquidation of over $140 million as Bitcoin (BTC) continues its downtrend. According to data from Coinglass, a record of approximately 57,585 traders have been liquidated, and the total value is still counting.

Notably, traders that are currently experiencing major losses with the overall downward trend of the crypto market are those who have taken long positions, speculating that the market will eventually trend upwards.

Digital asset exchanges OKX and Binance recorded the largest amount of liquidations, accounting for $48.3 million and $44.94 million, respectively. The data further reveals that long liquidations amounted to approximately $114.8 million of the total liquidations, whereas short liquidations were $29.8 million. 

Long liquidations accounted for 79.39% of the total liquidations in the past 24 hours while short liquidation accounted for 25.96%. Bitcoin (BTC) was the most affected cryptocurrency, accounting for $50.97 million of the total liquidation. 

Altcoins such as Ethereum (ETH) closely followed, with $30.29 million in liquidations, while the frog-themed meme coin PEPE accounted for over $7 million. Meanwhile, the largest single liquidation occurred on OKX with a BTC-USDT swap valued at $2.61 million.

It is worth noting these figures confirm that the ongoing market downturn is affecting both long and short positions.

The global crypto market cap has also slumped below the $1.2 trillion mark with a value of $1.14 trillion at the time of writing, down by nearly 2.5% in the last 24 hours.

This decline follows the plummet from Bitcoin and the recently hyped memecoin PEPE which plunged over 20% in the past 24 hours with more than $100 million subtracted from its market capitalization.

Interestingly, PEPE’s trading volume has surged in the past 24 hours indicating a possible violent sell-off. Its daily trading volume has moved from $408 million as of yesterday to $647 million in the last 24 hours.

Top crypto Bitcoin has also lost more than $20 billion from its market cap in the past 24 hours, down by nearly 4%, indicating selling pressure. Though Bitcoin recorded a surge in April that pushed its price to trade above $30,000, the asset has seen a bearish trend since then.

The causes of the current market downturn are not entirely clear, however, it can be attributed to the US government’s recent decision to increase interest rates earlier this month may have contributed to the sell-off.

Featured image from Unsplash, Chart from TradingView

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