India, June 3 -- Cryptocurrencies extended losses in the past 24 hours as massive ETF flows and the worsening geopolitical situation in the Middle East triggered a massive liquidation cascade. The negative sentiment created by Strategy Inc's Bitcoin sales as well as a large Mt. Gox wallet transfer continued to impact sentiment negatively. Overall cryptocurrency market capitalization has slipped almost 3 percent while Bitcoin has dropped to a low of $65,404 in the past 24 hours.
The negative sentiment resulted in crypto liquidations increasing heavily during the past 24 hours. Data for the past 24 hours from Coinglass shows crypto liquidations, i.e. the forced closure of a trader's leveraged position by an exchange or lending protocol for i...