Cryptocurrency Market Experiences $475 Million Liquidation in 24 Hours

According to PANews, recent data from Coinglass reveals that the cryptocurrency market witnessed a significant liquidation event over the past 24 hours, totaling $475 million. This liquidation included $290 million in long positions and $185 million in short positions. Bitcoin (BTC) was notably affected, with a total liquidation amount of $89.20 million. Ethereum (ETH) also experienced substantial liquidations, amounting to $79.02 million. These figures highlight the volatility and rapid changes in the cryptocurrency market, impacting both long and short positions significantly. The data underscores the inherent risks associated with trading in the cryptocurrency market, where sudden price movements can lead to large-scale liquidations. Traders are advised to exercise caution and consider the potential for rapid market shifts when engaging in cryptocurrency trading.