In the past 24 hours, the cryptocurrency market experienced intense volatility with net liquidations totaling an astounding $178 million. This data, provided by the well-known tracking platform Coinglass, reveals significant market turbulence. Among the liquidations, short positions were the primary type of loss, accounting for $141 million, far exceeding the $37.2568 million from long positions. This indicates a substantial shift in market sentiment over a short period and poses a challenge to market stability due to significant losses incurred by investors on short selling strategies.