The cryptocurrency market has experienced a significant downturn over the past 24 hours, resulting in a total liquidation of over $140 million as Bitcoin continues its downtrend. Long positions are the most affected, with traders experiencing major losses. OKX and Binance recorded the largest amount of liquidations, accounting for $48.3 million and $44.94 million, respectively.
Bitcoin and Ethereum were the most affected cryptocurrencies, with PEPE also experiencing a significant drop in market capitalization. The causes of the current market downturn are not entirely clear, but the US government's recent decision to increase interest rates earlier this month may have contributed to the sell-off.
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