Cryptocurrency Market Witnesses Liquidation of Contracts Worth $167 Million

According to PANews, recent data from Coinglass reveals that the cryptocurrency market has experienced a liquidation of contracts worth $167 million in the past 24 hours. This liquidation has affected a total of 61,518 individuals. The data further breaks down the liquidation into two categories: long positions and short positions. Long positions, which are essentially bets that the price of a cryptocurrency will rise, accounted for $115 million of the total liquidation. On the other hand, short positions, which are bets that the price will fall, accounted for approximately $52.19 million. In terms of specific cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) were significantly impacted. The total amount of Bitcoin liquidated was approximately $53.05 million, while Ethereum saw a liquidation of about $37.89 million.