The cryptocurrency markets experienced significant volatility, resulting in $31.99 million in liquidations within a single hour, according to Coinglass data. Long positions accounted for $11.85 million of the liquidations, while short positions totaled $20.13 million. Ethereum (ETH) saw liquidations amounting to $10.91 million, and Bitcoin (BTC) experienced $10.49 million in liquidations during this period.