The global cryptocurrency market has seen a significant decline due to increasing tensions in the Middle East and concerns about the strength of the global economy, leading to a decrease in investor confidence.
The market capitalization of cryptocurrencies has dropped by 13% in the past 24 hours, reaching a total of $1.94 trillion.
This is the largest daily downturn since January 2022. In the last day alone, 280,093 traders have been liquidated, resulting in a total of $1.07 billion in liquidations on centralized exchanges, as reported by Coinglass data.
Among the liquidations, Bitcoin has experienced the most, with over $362 million liquidated.
