A sudden and severe sell-off in the cryptocurrency market led to a wave of forced closures of leveraged positions across major exchanges.
The liquidation event, which resulted in the loss of approximately $495 million in futures contracts, has pushed the total value of liquidated futures over the last 24 hours to a staggering $1.604 billion.
The rapid cascade of liquidations was largely driven by long positions being automatically closed by exchanges as prices moved against them.