In a startling turn of events, the cryptocurrency market has witnessed a massive financial shake-up, with Bitcoin (BTC) taking a sharp dive below the $57,000 mark, triggering a cascade of losses across various altcoins.

Data from the cryptocurrency analytics firm Coinglass indicates that the market has seen over $379 million in liquidations within a mere 24-hour period, with an astonishing 90% stemming from leveraged long positions.

Leading the pack in liquidation volumes is Binance, the globe’s preeminent crypto exchange by trade volume, accounting for liquidations totaling $181.38 million. This is followed by OKX with $101.07 million, Huobi with $47.06 million, and Bybit with $37.72 million in liquidations.

Coinglass’s data further highlights that, in the last day alone, Bitcoin liquidations amounted to $115.59 million, predominantly from long positions. Similarly, Ethereum (ETH), the foremost smart contract platform, saw liquidations of $100.76 million.

Other notable cryptocurrencies that experienced significant liquidations include Solana (SOL), a competitor to ETH, with $17.87 million, the popular meme coin Dogecoin (DOGE) with $6.7 million, the layer-1 blockchain Toncoin (TON) with $5.37 million, the AI-centric Worldcoin (WLD) with $4.6 million, and BNB with $4.15 million.

Coinglass reports that the liquidation storm has affected 131,492 traders in the last day. The single largest liquidation order was recorded on Binance, involving an ETH/USDT pair valued at $18.48 million.

Over the past day, Bitcoin’s price fluctuated between a high of $60,584 and a low of $56,836. Currently, the premier cryptocurrency stands at $57,369, marking a near 5% decline within the day, while Ethereum trades at $3,121.

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