The cryptocurrency market experienced a rapid downturn in the last hour. This sudden plunge is primarily attributed to long position liquidations, where traders were forced to sell their holdings due to losses exceeding their initial margin requirements. A slight correction fueled by excessive leverage accumulation also contributed to the chain-wide liquidations. 💰 📉 📈 💵 📉 💸 The latest data shows over $208 million worth of positions were liquidated in just one hour, with long positions accounting for roughly $152 million and short positions contributing an additional $55.68 million. This market correction impacted both Bitcoin (BTC) and Ethereum (ETH), causing a 1.28% drop to $112,864 and a 2.38% decrease to $3,983 respectively. A significant portion of the total liquidations occurred with over $71 million in ETH and $41 million in BTC being liquidated in the same period. 👀 Chart: [link to chart showing decline in BTC price] The altcoin market also experienced a decline, with Solana (SOL) falling 2.14% to $193. Liquidation on SOL totaled $35.21 million. Furthermore, tokens like PUMP and FARTCOIN saw sizable liquidations of $7.49 million and $6.56 million respectively. Overall, the market witnessed a staggering $552.27 million in total liquidation over the past 24 hours, with long positions leading the way at $395.29 million. This highlights the significant risk associated with leveraged trading in this volatile ecosystem. *This is not investment advice.*