This happens because the vast majority of people (I won't call them traders) over-leverage themselves excessively! And the worst part is that they don't learn the lesson, this happens to them time and time again!

According to PANews, data from Coinglass reveals that the cryptocurrency market witnessed a total liquidation of $145 million in the past 24 hours. Long positions accounted for $53.99 million, while short positions saw liquidations amounting to $91.41 million. Bitcoin (BTC) experienced a total liquidation of $33.01 million, and Ethereum (ETH) faced liquidations totaling $18.35 million.