According to the latest data from Coinglass, 60,062 traders were liquidated due to the collapse of the entire crypto market.

The cryptocurrency market fell under selling pressure after failing to maintain its bullish momentum. The total market capitalization has shrunk by $65 billion over the last day, dropping below $1.8 trillion.

More than $221 million has been liquidated in the last 24 hours, of which approximately $20 million was liquidated in the last four hours; almost $93.12 million of this was related to bitcoin trading positions. The largest one-time liquidation order was placed on the BitMEX exchange.

The liquidation of trading positions related to Ether (ETH), the native coin of the Ethereum blockchain, amounted to $58 million. A liquidation typically occurs when a trader does not have enough funds to meet a margin call or an exchange call for additional collateral to maintain a funded trading position.

Bitcoin hit a low of $40,800 on March 4 after the largest cryptocurrency by market capitalization has been steadily declining since March 2, presumably due to concerns that the Federal Reserve could quickly tighten monetary conditions in the face of rapidly rising inflation.

Altcoins also fell as the cryptocurrency market crashed under selling pressure. Solana (SOL), Avalanche (AVAX), and Ethereum (ETH) suffered the biggest losses, dropping over 6%. Meme coins such as Shiba Inu and Dogecoin also dropped over 3%.

Bitcoin, the world’s leading cryptocurrency, fell to a low of $40,800 on March 4 before recovering to $41,661 at press time. The cryptocurrency is down nearly 4.59% in the last 24 hours, which suggests that the bears may be back in the driver’s seat. Bitcoin fell to $34,324 on February 24, hitting a one-month low.

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However, it then managed to achieve an impressive rebound and ended up recovering the $45,000 level for the first time. On March 2, the leading cryptocurrency surged to a high of $45,332 before crashing.

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