Bitcoin long liquidations have surged over the past 24 hours, as the price of the largest cryptocurrency by market capitalization dropped below the $67,000 mark.

There were over $68 million in bitcoin long liquidations across centralized exchanges in the past 24 hours, out of a total of $75 million in liquidated BTC positions, according to data from Coinglass. The broader cryptocurrency market saw over $167 million in total liquidations in the same period, with around $143 million in long positions.

Traders of ETH, the second-largest cryptocurrency by market capitalization, also faced substantial liquidations on leveraged positions across exchanges, with over $40 million liquidated, of which over $33 million were long positions.

Liquidations occur when a trader’s position is …