Cryptocurrency market cap drops 13%, largest decline since January 2022

According to data from CoinGecko, cited by The Block, the total cryptocurrency market capitalization has decreased by 13% in the past 24 hours, reaching $1.94 trillion. This marks the largest single-day decline since January 2022. CoinGlass reports that over the last 24 hours, 280,093 traders have been liquidated from their futures positions, with forced liquidations on major centralized exchanges totaling $1.07 billion. Additionally, Bitcoin's perpetual futures funding rate turned negative, indicating increased demand for short positions and dominance by traders betting on price declines.