Crypto Market Sees $575 Million in Liquidations Over 24 Hours

The crypto market recorded about $574.28 million in liquidations over 24 hours, according to CoinGlass, with $378 million of that occurring within a single hour as a sharp sell-off hit leveraged traders. Bitcoin briefly fell below the closely watched $75,000 level, touching $74,999.90 on OKX, while more than 124,000 traders were liquidated. Long positions accounted for the vast majority of losses, totaling about $524 million over 24 hours and $349 million in the peak hour. Bitcoin led the wipeout with roughly $214 million in 24-hour liquidations, including about $209 million in longs, while the hourly figures showed $164 million in Bitcoin liquidations and $114 million in Ethereum. The broader digital asset market also weakened, with total market capitalization falling more than 2% to about $2.53 trillion.