The global cryptocurrency market cap has fallen by approximately 3.3% over the past 24 hours, settling at $2.4 trillion, according to data from major cryptocurrency exchanges.
The overall decline in market capitalisation was primarily driven by a retreat in Bitcoin's price, with Ethereum, the second-largest cryptocurrency, also experiencing a downward trend. Retail investors are taking profits following a recent recovery in the crypto market.
As of the time of writing this report, the total crypto market trading volume has surged by 37.7% to $78.27 billion, as reported by CoinMarketCap. Additionally, the total volume in DeFi stands at $4.07 billion, accounting for 5.21% of the total 24-hour crypto market volume.
Market data reveals that stablecoin trading volume has reached $71.26 billion, accounting for 91.05% of the total 24-hour crypto market volume. Meanwhile, Bitcoin's price fell below $67,000, triggering a significant spike in long liquidations.
Over the past 24 hours, Bitcoin long liquidations surged, with more than $68 million liquidated across centralised exchanges. This is part of a broader trend, with a total of $75 million in Bitcoin positions liquidated, as reported by Coinglass.
The overall cryptocurrency market experienced over $167 million in liquidations, predominantly affecting long positions, which accounted for around $143 million of the total. Ethereum traders also faced heavy losses, with over $40 million in liquidations, including more than $33 million in long positions.
Bitcoin is currently trading at $66,603, marking a 4.26% decline in the past 24 hours.
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