In the last 24 hours, the #crypto market experienced significant liquidations totaling $1.67 billion, primarily impacting long positions. $BITCOIN and $ETH were the hardest hit, with around $285 million and $501 million liquidated, respectively. The overall market capitalization dropped to about $3.98 trillion as widespread selling occurred across major #cryptocurrencies .Analysts point to an overleveraged derivatives market as a key factor in this downturn, emphasizing the necessity of careful risk management during volatile conditions.