The cryptocurrency market witnessed a substantial liquidation event, with over $106 million in contracts liquidated within an hour, according to Coinglass data. Long positions bore the brunt, accounting for $105 million of the total liquidations, while short positions saw nearly $770,000 liquidated. Ethereum (ETH) and Bitcoin (BTC) were notably affected, with liquidations of $40.43 million and $21.14 million, respectively. This event underscores the inherent volatility and risks in crypto trading.