Nearly 300,000 cryptocurrency traders lost close to $1 billion in a significant market crash, with altcoins bearing the brunt of the liquidations.

Long position liquidations constituted the majority of the losses, amounting to $824.45 million, compared to $112.56 million from short positions.

Altcoins not ranked in the top 50 by market value saw liquidations of $248.02 million, indicating widespread impact beyond major cryptocurrencies.

The total cryptocurrency market capitalization fell from $2.526 trillion to $2.384 trillion within 24 hours.

Geopolitical tensions between Iran and Israel have exacerbated market volatility, contributing to over $2 billion in liquidations from April 12 to April 14, 2024.