The cryptocurrency market has witnessed a significant increase in liquidations over the past 24 hours, with Ethereum (ETH) leading the charge. According to data from Coinglass, the total value of liquidations has surged by 78.8%, exceeding $75 million. This increase comes despite a 0.35% decline in total cryptocurrency open interest, which currently stands at $66 million.

Ethereum dominates the list of liquidations, with over $19 million worth of liquidations, including $5.6 million in long positions and $13.5 million in short positions. Bitcoin (BTC) follows closely, with $8.2 million in liquidations, comprising $4.15 million in longs and $4.09 million in shorts. Binance leads the exchanges with $38.7 million in liquidations, accounting for 57.6% of the total.

The increase in liquidations comes as the global crypto market capitalization experiences a 0.4% decline, falling from $2.549 trillion to $2.536 trillion, according to CoinGecko. Bitcoin and Ethereum have been consolidating around $66,000 and $3,550, respectively, over the past three days.

In related news, South Korea's financial authorities will re-evaluate over 600 cryptocurrency listings on domestic exchanges starting in July, under the new Virtual Asset User Protection Act. The regulations aim to enhance user protection and regulatory compliance, and exchanges must establish a review committee to assess various factors, including the reliability of the issuing entity, user protection measures, and technology and security standards.