Crypto Market Has Seen A Long Squeeze In The Last 24 Hours

Data shows the cryptocurrency derivatives sector has seen a mass liquidation event in the past day as Bitcoin and other assets have crashed.

Cryptocurrency derivatives have witnessed a mass liquidation event in the past 24 hours as the price of Bitcoin and other digital assets crashed. A total of $904 million in contracts were liquidated, with long contract holders accounting for $811 million of the flush.

This event was caused by the sharp decline in the price of crypto assets, with Bitcoin falling by over 4% in the past seven days. The majority of the liquidations were related to traders betting on a bullish outcome.

Despite the occurrence of a long squeeze in the sector, the exchanges have not been overly long-heavy in terms of positions recently.