In the past 24 hours, the crypto market witnessed $1.42 billion in liquidations in the derivatives market. Ethereum [ETH] accounted for $349.17 million, with $274.29 million worth of long positions facing liquidation. The leading altcoin was testing the $1,550 price level that it had tested in the first week of June. The higher timeframe price trend was bearish, and Bitcoin [BTC] was trading below the $60k support level at the time of writing.