The cryptocurrency market experienced a flash crash, with over $1.2 billion in positions liquidated within 24 hours

According to Jinshi News, on Monday, 319,433 positions in the crypto market were liquidated for over $1.2 billion within 24 hours, with more than $1.1 billion in long liquidations and only $115.5 million in short liquidations. Before the large liquidation event, Bitcoin and Ethereum dropped from $108,000 to $105,000 and from $3,700 to $3,500 respectively within one hour. During the same hour, the total liquidations of both assets exceeded $100 million. U.S. investors may have been the pioneers of this decline, as the Coinbase Bitcoin premium index hovered around -$30 during the crash.