Cryptocurrency Market Witnesses Contract Liquidation Worth $708 Million

According to PANews, recent data from Coinglass reveals that the cryptocurrency market has experienced a total contract liquidation of $708 million in the past four hours. This significant figure includes the liquidation of long positions amounting to $602 million and short positions worth $105 million. The Bitcoin (BTC) market has seen a total liquidation of approximately $285 million, while Ethereum (ETH) contracts have been liquidated to the tune of $123 million. This sudden surge in contract liquidation indicates a volatile phase in the cryptocurrency market, affecting both major and minor digital currencies. The data underscores the inherent risks associated with cryptocurrency trading, particularly in a highly volatile market. Investors are advised to exercise caution and conduct thorough research before entering into any contracts.