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.

Source: CoinGlass

Notably the drop has also affected traditional markets, with the S&P 500 losing around 1.1% of its value in yesterday’s session, while the NASDAQ went down by more than 1.8%.

Gold, the precious metal bitcoin is often compared to a digital version of, rose amid the uncertainty. The precious metal is up by around 0.55% over the last 24-hour period to now trade at $2,664.

Treasury yields have meanwhile risen significantly, with the interest rate on the U.S. 10-year Treasury surging by around 5 basis points t0 now stand at 4.683%. The drawdown came as job openings in the U.S. rose more than expected in November in a potential sign the labor market is tightening.

The space’s total market capitalization is now around $3.33 trillion after dropping by more than 6% in the last 24 hours.

Featured image via Pexels.