The cryptocurrency market experienced significant volatility recently, leading to a massive liquidation of leveraged positions. In the last hour alone, a staggering $124 million in futures positions were liquidated across major cryptocurrency exchanges. This suggests a sharp and sudden price movement that caught many traders off guard. Looking at a broader timeframe, the past 24 hours have seen a total of $642 million wiped out in futures liquidations. This paints a picture of heightened risk and instability within the crypto derivatives market. Potential factors contributing to this liquidation event include unexpected regulatory news, a sudden shift in market sentiment, or cascading sell-offs triggered by large holders. Investors should exercise caution and manage their risk accordingly during periods of increased market volatility. ```