Volatility over the past 24 hours has caused a spike in liquidations on centralized exchanges as bitcoin dropped below $67,000 and the broader crypto market followed suit.

There have been over $427 million in liquidations over the past 24 hours across various centralized crypto exchanges, according to CoinGlass data. Of these liquidations, the vast majority, around $342 million, were long positions.

Bitcoin positions took the brunt of the damage, with over $130 million in liquidations during the past 24 hours, $90 million of which were long positions.

Liquidations occur when a trader’s position is forcibly closed due to a lack of funds to cover losses. This happens when market movements are unfavorable to the trader’s position, leading to the depletion of their initial margin or …