The crypto market has experienced a significant amount of liquidations over the past 24 hours, totaling over $665 million.
This can be attributed to the selling pressure Bitcoin is facing, which is currently trading around $54,000.
The price decline is believed to be influenced by the activities of the defunct cryptocurrency exchange Mt Gox, which is preparing to distribute payments to its creditors starting this month.
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A total of $665.8 million has been settled across all centralized platforms, according to data from Coinglass.
Notably, Bitcoin has been the most affected cryptocurrency, with liquidations exceeding $222.1 million, and most of these have been long positions worth $181.8 million.