The cryptocurrency market experienced significant sell-offs in the past two days, leading to a surge in liquidation volume. 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 past 24 hours, sell-offs in the crypto market resulted in approximately $270.4 million in leveraged positions being liquidated, with long positions accounting for the majority at around $238 million.
Similar to the overall market, Ethereum contract liquidation had the highest amount at $70.5 million, with $64.6 million in long positions. This was followed by Bitcoin at $68.88 million. The exchange with the highest amount of liquidations 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 downward trend ahead of 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:
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