According to data from Coinglass, the cryptocurrency market witnessed significant liquidations in the past 24 hours, amounting to approximately $5.4 billion. This substantial liquidation primarily affected long positions, with forced liquidations accounting for $484.4 million, while short positions faced liquidations of about $57.71 million. Long positions are commonly associated with traders betting on the rise of an asset's price, and the high liquidation volume suggests a possible bearish sentiment in the market. As of now, Bitcoin, the leading cryptocurrency, has dropped below $24,000, while Ethereum has fallen below $1,700. The broader cryptocurrency market has also experienced a decline, with many altcoins witnessing double-digit percentage losses. Market participants should exercise caution during such volatile market conditions and monitor the situation closely.