Crypto Market Downturn: $700 Million in Liquidations in 24 Hours
In the last 24-hour period, the cryptocurrency market has lost nearly $240 billion from its market capitalization amid a significant market drawdown that has been the price of bitcoin plunge from over $102,000 to $95,000 at the time of writing.
The market downturn has seen liquidations on centralized trading platforms top $700 million in the last 24-hour period, according to data from CoinGlass, which shows $616 million of those liquidations were from long positions.
The recent drawdown has seen the price of various major cryptocurrency plunge between 3.7% and 12%, with ADA enduring the largest drop among the top 10 cryptocurrencies by market capitalization.
Notably the…
