$BTC
In the past 24 hours, the cryptocurrency market has witnessed liquidations totaling approximately $48 million, with long positions accounting for $46.81 million and short positions for $1.13 million.
Notably, a recent flash crash saw Bitcoin's price drop nearly 7% before recovering most of its losses.
Such liquidations are common in highly leveraged markets, where rapid price movements can trigger forced closures of positions.
Traders should exercise caution and consider the inherent risks associated with leveraged positions in such a volatile market environment.