In the ever-turbulent world of cryptocurrencies, the past 24 hours have seen a tumultuous ride, resulting in the liquidation of a staggering $185 million. This wild swing affected over 76,000 traders who held both long and short positions in the crypto market.

The recent data unveiled by Coinglass tells a tale of fortunes gained and lost within moments. Traders who pinned their hopes on an upward surge and a robust recovery faced the brunt of the losses, with an eye-watering sum of nearly $150 million liquidated. On the flip side, short traders weathered losses amounting to approximately $37.94 million.

Bitcoin, the undisputed king of cryptocurrencies, witnessed a significant chunk of these losses, with a total liquidation of about $37 million. Long positions bore the brunt, accounting for $24.91 million, while shorts recorded losses of $12.21 million.

Ethereum also faced its share of turmoil, tallying a total liquidation of $27 million, with long positions taking a hit at $22.44 million, and shorts at $5.12 million.

Delving deeper into the chaos, the tumult extended to Chainlink’s LINK token. Long traders on the Oracle blockchain’s LINK token found themselves at the losing end, facing losses amounting to $18.33 million. In stark contrast, short traders only incurred a paltry $57,000 in losses.

The most striking blow came with the liquidation of a $16.84 million long position held on Bitmex for LINKUSD, standing as the single largest liquidation during this reporting period.

It wasn’t just Bitcoin and Ethereum feeling the sting; Solana, XRP, Dogecoin, and Avalanche also witnessed significant losses, leaving traders reeling from the aftermath.

Ethereum, the second-largest cryptocurrency, grappled with its own struggles, plunging by 3% to hit $2,170 during this tumultuous period. Alongside Bitcoin, Ethereum’s volatility contributed significantly to the market turbulence.

Yet, the losses weren’t confined to the big players alone. Speculators invested in altcoins like Chainlink’s LINK token found themselves reeling from substantial losses. Long traders suffered an $18.33 million blow, while their short counterparts faced a comparably trifling loss of $57,000.

The most colossal liquidation recorded was a staggering $16.84 million from a long position on Bitmex for LINKUSD, underscoring the sheer volatility inherent in the crypto market.

Among the various exchanges, Binance emerged as the epicenter of the storm, with traders facing staggering losses totaling $76.93 million over the last 24 hours. Other prominent platforms such as OKX, Bybit, and Bitmex followed suit, grappling with losses amounting to $45.85 million, $29.69 million, and $20.23 million, respectively.

As Bitcoin’s price briefly dipped below $41,000 for the first time in December, the market continued its downward momentum this week. However, there’s a glimmer of hope as the flagship digital asset has rebounded to $41,131 at the time of reporting.

Market observers suggest that despite the recent decline, BTC’s current price movement remains bullish, buoyed by the increased prospects of a spot exchange-traded fund (ETF) approval in the U.S. Experts at CryptoSlate Insight underline that this downturn aligns with historical patterns within a bull market.

While Bitcoin shows signs of resilience, Ethereum, the second-largest digital asset by market capitalization, experienced a 3% drop, resting at $2,170 during this period.

However, the day’s biggest losers among the top 10 digital assets by market capitalization were Solana and Avalanche. Solana’s SOL token plummeted by more than 7% to $65.94, while Avalanche’s AVAX token suffered a staggering 14% drop, trading at $36.03 at the time of reporting.

In the realm of cryptocurrencies, volatility reigns supreme, and traders navigate through storms and calms alike, hoping to ride the waves of uncertainty to profitable shores.