$270.4 million in liquidations as crypto market selloff continues

The cryptocurrency market has experienced a notable selloff over the past two days, which has led to a surge in liquidations.

Bitcoin BTC -3.43% , the largest crypto by market cap, was down 3.5% over the past 24 hours to $67,275, according to The Block’s bitcoin price data , while Ethereum ETH -5.0044% was down 4.6% to $3,495.

The selloff has led to the liquidation of about $270.4 million in leveraged positions over the past 24 hours, according to CoinGlass . A significant portion, $238 million, were long positions.

As was the case in the broader market, ether led the way with $70.5 million in liquidations, of which $64.6 million were long. This was followed closely by bitcoin at $68.88 million. The top exchange to experience liquidations was Binance, with $99.7 million at publication time.

The GMCI 30 , which tracks the 30 largest cryptocurrencies, was down 4.6% to 135.58 — its lowest level since May 20.

Markets are down heading into Wednesday's double-dose of macroeconomic releases: the monthly Consumer Price Index report and a Federal Reserve monetary policy announcement.

Deribit CEO Luuk Strijers told The Block earlier Tuesday that bitcoin is more correlated with risk assets than usual.

"Traders are likely to be more conservative, potentially reducing exposure or using option strategies to hedge until there is more clarity on the economic outlook. Implied Volatility has dropped across the curve for bitcoin and ether. Despite this short-term uncertainty, the basis yields and call skew remains high, for all listed expiries," Strijers said.