Cryptocurrency long-term investors face a harsh reality with $365 million in liquidations over 24 hours, as Bitcoin's (CRYPTO:BTC) price plummets below the $66,000 mark, underscoring the volatility and risk inherent in the crypto markets.

The derivative market within cryptocurrencies has been particularly hard-hit, with total liquidations surpassing $461 million, affecting 144,049 traders and highlighting the precarious nature of betting on bullish outcomes in this highly fluctuating environment.

A significant "long squeeze" has emerged, where a rapid decline in Bitcoin's price caused a domino effect of forced contract closures, primarily affecting those with optimistic, long positions and exacerbating market volatility.

With Bitcoin leading the liquidation charts at $137 million, followed closely by Ethereum with $100 million, the event underscores the widespread impact across major cryptocurrencies, including notable altcoins like Solana and Dogecoin.

This recent market turbulence, characterized by significant price drops and massive liquidations, serves as a stark reminder of the high stakes involved in leveraging investments in the inherently unstable cryptocurrency market.