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The crypto market recorded a notable bearish momentum over the past day, bringing increased liquidations. 
According to <a href="https://www.coingecko.com/en/global-charts" target="_blank" rel="nofollow">data</a> provided by CoinGecko, the global crypto market capitalization declined by 3% in the past 24 hours — falling from $2.31 trillion to $2.27 trillion. This shows a roughly $40 billion decrease. 
The daily trading volume, however, rallied by 50%, reaching $99.5 billion. 
Many of the leading cryptocurrencies, including Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank">ETH</a>), saw downshifts. BTC is currently trading at $62,400 and ETH is hovering close to the $2,400 mark. 
The market-wide decline brought a $220 million liquidation, per data from Coinglass. Over 69% of the liquidations, worth $153 million, belong to long positions. 
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 <img loading="lazy" decoding="async" width="995" height="462" src="https://crypto.news/app/uploads/2024/10/Screenshot-2024-10-08-105416.png" alt="Trader lost $11m in ETH, total liquidations surpassed $220m - 16" class="wp-image-14302159">
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 Crypto liquidations map – Oct. 8 | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="nofollow">Coinglass</a>
 </figcaption>
</figure> 
Data shows that <a href="https://crypto.news/addresses-holding-over-1m-in-bitcoin-increased-by-2k-in-5-days/" target="_blank">Bitcoin</a> is leading the chart with $58.6 million in liquidations — $35.1 longs and $23.4 million shorts. Ethereum is hovering close with $50.6 million in liquidated trading positions — $42.8 million longs and $7.8 million short. 
Binance alone accounts for $105 million in liquidations, followed by OKX’s $74 million.&nbsp; 
According to Coinglass data, the largest single liquidation, worth $10.97 million in ETH/USDT pair, happened on <a href="https://crypto.news/exchanges/binance/" target="_blank">Binance</a>. 
Following the mass liquidations, the total cryptocurrency open interest decreased by 2% and is currently sitting at $60.9 billion. 
Usually, a declining open interest brings lower price volatility due to a decreased amount of expected liquidations.&nbsp; 
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Trader lost $11m in ETH, total liquidations surpassed $220m

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