The cryptocurrency market experienced significant selling over the past two days, leading to a surge in liquidations. According to price data from “The Block,” Bitcoin (BTC) fell by 3.5% in the past 24 hours to $67,275, while Ethereum (ETH) dropped by 4.6% to $3,495.
Based on data from CoinGlass, in the last 24 hours, the selling in the crypto market resulted in approximately $270.4 million in leveraged positions being liquidated, with the majority being long positions totaling around $238 million. Similarly to the overall market, Ethereum contract liquidation amount was the highest at $70.5 million, with $64.6 million from long positions. Bitcoin followed closely at $68.88 million. The exchange with the highest liquidation amount was Binance, which liquidated $99.7 million at the time of writing.
The United States will release two macroeconomic reports on Wednesday: the monthly Consumer Price Index report and the Federal Reserve’s monetary policy statement. The market was in a downturn before the release of these data.
Luuk Strijers, CEO of cryptocurrency options exchange Deribit, stated in an interview with The Block on Tuesday that the correlation between Bitcoin and risk assets is higher than usual. He said: