Recent data from Coinglass indicates a significant upheaval in the cryptocurrency market, where a staggering total liquidation of $418 million occurred over the last 24 hours. This major decline reflects the volatile nature of the market, with long positions contributing $195 million to the liquidations, while short positions accounted for an even greater sum of $224 million.

Bitcoin (BTC), the leading cryptocurrency by market capitalization, faced $164 million in liquidations, underlining the current pressures on this digital asset. Similarly, Ethereum (ETH), the second-largest cryptocurrency, also experienced considerable liquidations, totaling $81.38 million. These figures highlight the intense fluctuations and risks associated with trading in the cryptocurrency space, serving as a reminder for investors to exercise caution and stay informed about market dynamics..