---
title: "Crypto liquidations surge 150% amid US election saga"
url: https://diffcoin.com/crypto-liquidations-surge-150-amid-us-election-saga/
description: "The Biden exit triggered a quick downfall in the crypto market which consequently brought increased liquidations"
published: 2024-07-22
updated: 2024-07-22
author: "Mila"
site: "Diffcoin"
---

# Crypto liquidations surge 150% amid US election saga

Crypto liquidations increased significantly after the market-wide correction over the past day.

The cryptocurrency ecosystem showed a quick reaction toward U.S. President Joe Biden leaving the upcoming elections. This triggered a small downward momentum in the crypto space as Vice President Kamala Harris joined the presidential race.

According to data provided by Coinglass, the total crypto liquidations increased by 150% in the past 24 hours, reaching $174 million. Due to the market-wide correction, $111 million in long positions has been liquidated.

![Crypto liquidations surge 150% amid US election saga - 1](https://crypto.news/app/uploads/2024/07/Screenshot-2024-07-22-132517.png)

Crypto liquidations map – July 22 | Source: Coinglass

The amount of short positions liquidated in the past day reached $62.8 million.

Data from Coinglass shows that Bitcoin (BTC) is leading the chart with $49.5 million in liquidations — $27.9 million worth of longs and $21.5 million worth of shorts. Ethereum (ETH) follows closely with $36.6 million in liquidations — $27 million longs and $9.6 million in shorts.

Notably, the BTC price briefly touched a local high of $68,480 at around 01:00 UTC, but soon faced correction to $67,700. Bitcoin is trading at $67,100 at the time of writing.

Per Coinglass, the largest BTC liquidation in the past 24 hours is worth $10.95 million and happened on Binance.

Binance currently has the largest share of the 24-hour liquidations reaching almost $84 million — 66.7% of the liquidations are long positions. OKX secured the second spot with $54 million in liquidations.

According to data from CoinGecko, the global crypto market capitalization reached $2.6 trillion at around 00:30 UTC, a level last seen on June 12. However, the market witnessed a quick reaction from investors, with the total amount dropping to $2.56 billion.

FiAt this point, investors and traders are speculating about Harris’ crypto stance and how her VP picks could impact the cryptocurrency ecosystem.

[Source link](https://crypto.news/crypto-liquidations-surge-150-amid-us-election-saga/)